Follow the Money: Door Inc. Raises $8.7M in Equity Funding, Highland Homes Brings in $7.5M

From tech-enable real estate services to building homes and developing new medical devices, here are some of the latest capital raises, mergers, and acquisitions with DFW ties.

equity

REAL ESTATE FIRM DOOR INC. RAISES $8.7M IN EQUITY FUNDING

Door Inc., the Dallas-based tech-enabled residential real estate brokerage firm, announced that is has sold nearly $8.7 million of a $10 million equity offering.

Door, which was founded in 2015, said it enables homebuyers and sellers to benefit from agent specialization and a lower fee structure. The firm’s services are available for a fixed fee of $5,000 that is paid at closing, according to the company’s LinkedIn page.

The filing did not indicate for what purpose the funding would be used. Alex Doubet is the CEO of the real estate firm.

HIGHLAND HOMES NAILS DOWN $7.5M FROM INVESTORS

Plano-based homebuilder Highland Homes reported that it raised $7.5 million of the $25 million it is seeking from investors, according to a U.S. Securities and Exchange Commission filing.  

Highland Homes, which builds roughly 3,000 homes a year in the state, also has offices in Austin, San Antonio, and Houston. 

The Dallas Business Journal reported an increased demand for affordable homes caused by the inmigration of people and businesses has attracted investors to homebuilders, but not without concern. 

The homebuilding industry is facing a shortage of workers because they can seek better wages elsewhere, the Business Journal reported. Also, worries about rising prices for such things as lumber, steel, and concrete because of higher tariffs announced by the Trump administration are affecting the industry, the publication said.

FETCH PACKAGE GARNERS $420K IN ANGEL ROUND

Dallas-based Fetch Package, which provides outsourced package receiving and last-mile logistics for apartment buidlings, announced it has raised $420,000 in an angel investing round.

Apartment dwellers can use Fetch’s services to have packages delivered to Fetch, which then hand delivers it to the customer on the customer’s own schedule. The service is an alternative to having packages left at an apartment complex’s leasing office.

We reported in 2016 how Fetch Package was one of the startups seeking to disrupt the real estate industry, particularly in how apartment complexes dealt with package deliveries.

PROJECT RING RAISES $2.2M IN EQUITY FUNDING

Fort Worth-based Project Ring Inc., registered as a foreign for-profit corporation in the state of Texas, reported in a new filing with the U.S. Securities and Exchange Commission that is has raised all of $2.2 million equity funding round. Project Ring was registered in the state in 2016.

SCOREBOARD VENTURES INVESTS IN ARKANSAS FURNITURE MAKER

Frisco-based early-stage investor Scoreboard Ventures has invested in EcoVet Furniture, a Rogers, Arkansas-based maker of affordable, high-quality furniture using reclaimed materials.

Scoreboard Ventures said it specializes in creating, building, and investing in early-stage companies in need of capital, technology, and marketing assistance. The investment firm was founded by Brian Dick and Nahid Giga.

“The investment and partnership with Scoreboard Ventures will provide EcoVet with the necessary capital and resources to help us grow beyond Northwest Arkansas and create a much-needed e-commerce presence.” EcoVet owner and CEO Mike Hagood said in a release. “The Scoreboard team have already made an immediate impact by introducing technology for our business processes and new marketing and digital strategies.”

MERGERS AND ACQUISITIONS

ARLINGTON INSULATION, COATINGS FIRM BOUGHT

Arlington-based Demilec Inc. has been acquired by Huntsman Corp. in deal valued at $350 million.

Demilec is a provider of spray foam insulation and coating designed to offer greater energy efficiency. Huntsman is a global manufacturer and market of differentiated chemicals. The Houston Business Journal reported that the transaction will be an all-cash deal that is expected to close by the end of the second quarter. 

Demilec has annual revenue of roughly $170 million and has manufacturing facilities in Arlington and Canada. 

LEWISVILLE’S ORTHOFIX ACQUIRES SPINAL KINETICS FOR $105M

Orthofix Inc., the Lewisville-based global medical device company, has acquired Spinal Kinetics in a deal valued at $105 million.

Spinal Kinetics, based in Sunnyvale, California, develops motion preservation systems for the treatment of degenerative spine diseases in partnership with spine surgeons.

The deal’s terms include $45 million in cash closing consideration, plus up to $60 million in contingent milestone payments related to U.S. Food and Drug Administration approval of Spinal Kinetics’ M6-C cervical disc and achieving 12-month sales targets of $30 million and $50 million, according to a release.

“This acquisition is very well aligned with our value creation strategy of accelerating topline growth by investing in faster growing market segments in our core businesses,” said Orthofix President and CEO Brad Mason. “In addition, we expect this news will energize our sales force and be attractive to potential new sales talent.” 

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Updated 4:50 p.m. March 22 with new funding amount from Door.

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