This is the Doorkee pitch deck to raise a $5.7m seed round in 2020.
About
Doorkee is the first all-in-one solution to streamline the apartment rental process. The company’s peer-to-peer rental platform connects departing tenants, apartment seekers and landlords by aligning incentives to provide a better moving experience for everyone. Landlords save money on vacancy, departing tenants get paid to show their units, and apartment seekers move in fee-free, all through a seamless, automated, and safe process. With Doorkee, everybody wins!
While fundraising during a pandemic has created a whole slew of new problems, real estate tech startup Doorkee’s recent $5.7 million fundraising was actually bolstered by the challenges of the coronavirus.
Doorkee replaces a typical leasing broker with a combination of leasing software and helps from the departing tenant, who is incentivized to give 90 days advanced notice of when they’ll vacate an apartment and then show the apartment to prospective tenants. Doorkee pays them when a tenant they toured signs a lease.
While real estate agents weren’t able to show apartments during the height of coronavirus restrictions, leases still ended and tenants had to move. Doorkee, which bypasses rental brokers entirely, was primed for this situation.
The company’s first fundraising round, which included funds from New York City landlords Stonehenge, Simon Baron Development, and Bushburg Properties as well VCs Alpha Edison, and Alpaca VC (formerly Corigin Ventures, which recently spun out of landlord and developer Corigin), was already in motion before the crisis, but the company’s fit to the moment caused more money to flow in.
“A big chunk of this funding came in March and April, right at the height of the coronavirus scare,” John Fagan, CEO, and cofounder, told Business Insider. The company also came out of beta mode in April of this year, opening up their product to any New York City landlord.
Doorkee’s business model was birthed out of Fagan’s own experience renting in New York City, which has both a very fast rental turnaround time and high broker fees for apartment hunters.He wanted to search for an apartment months in advance, but the fast turn around time made it so that he would have to wait until the month before he moved out to find a new apartment.
Doorkee tackles this problem by focusing on the three different stakeholders in the transaction: the landlord, the apartment hunter, and the person leaving the apartment.
For departing tenants, they get paid 2.5% of their yearly rent, or about a third of their monthly rent, when a tenant they toured signs a lease. Those prospective tenants are able to sign a lease on a new apartment months in advance, avoiding the stressful reality of finding a new apartment in less than a month.
Funding Rounds
| Announced Date | Transaction Name | Number of Investors | Money Raised | Lead Investors |
| Jun 25, 2020 | Seed Round – doorkee | 5 | $5.7M | Simon Baron Development |
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