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Sign into your accountReal Estate Technology Company DotLoop Raises $7 Million
May 22 2012
CINCINNATI, OH--(May 22, 2012) - DotLoop, the first Real Estate software company that eliminates paperwork, announced a $7 million Series A round of financing from Trinity Ventures. The company will use the financing to accelerate sales and marketing, make strategic hires and open an office in San Francisco. DotLoop today also announced a new product, DotLoop-NOW, a free version of their popular real estate transaction platform that makes negotiating real estate deals more efficient, faster and easier to complete.
As part of the financing, Noel Fenton, general partner at Trinity Ventures, joins the DotLoop board. "DotLoop has an opportunity to become an industry standard platform for conducting real estate transactions," said Fenton. "DotLoop is going to automate what are today cumbersome manual processes that characterize residential real estate transactions."
"I founded DotLoop because I knew that there was a major problem that hadn't been solved," said DotLoop CEO Austin Allison. "In transactions like real estate, where two or more parties are required to negotiate extensively to get a deal done, paperwork is the problem. DotLoop eliminates the inefficiencies associated with paperwork through collaboration, helping brokers, buyers and sellers get work done faster. This funding round will allow us to expand our presence throughout the U.S. and Canada, as well as broaden DotLoop's impact to other industries."
More than 200,000 real estate agents in 700 U.S. and Canadian cities currently use DotLoop's platform to negotiate, sign and close transactions. The company has experienced 72 percent average quarter-over-quarter growth since 2010, and their real estate agent subscribers serve more than six million buyers and sellers in North America.
About DotLoop
DotLoop is transforming the real estate industry by providing a secure online platform where any real estate agent can share and sign transaction documents in real-time. As the leading provider of collaborative negotiation services, DotLoop is available to service all real estate professionals throughout the United States and Canada. The innovative DotLoop platform is a collaborative, wholly web-based negotiation platform that lets users add, adjust, approve and sign documents digitally -- addressing the challenges of security, efficiency and overhead costs in today's real estate industry. For more information, please visit dotloop.com.
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