Commercial real estate SaaS platform Dottid has scored $3.85m in its seed round of funding.
The company equity round was backed by Invesco Real Estate founder and former CEO David Ridley, former Invesco Real Estate COO David Farmer and Laurie Dotter, current investment board member for two public Texas pension funds.
Dottid is aimed at streamlining the leasing transaction process, allowing owners, brokers and tenants to close deals quicker and with lower costs. The company founder, Kyle Waldrep, identified an antiquated nature in commercial real estate and sought to build a platform which could use technology to reduce administrative tasks.
The Texas-based company helps clients organize deals, expedite transactions and increase capital. Some of its benefits include document storage and version control, deal tracking, workflow management, bottom-up communication, lead time metrics, tenant visibility, compliance support and cloud-based security.
Dottid advisory board chairman Don Goldstein said, “The CRE industry is valued at $1.5 trillion in the United States alone, and Dottid is the answer to what real estate owners have needed for many years. The transactional nature of the business can be inefficient and completely disconnected, costing owners millions in lost revenue and time.
“It is exciting that an industry, so tied up in valuable capital, now has a real solution for these challenges.”
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