PropTech Company, Doormat, Raises $1.25 Million in Pre-Seed Funding, Revolutionizing a Critical Stage of the Homeownership Journ
TORONTO , June 01 /Businesswire/ - Today, Doormat, Ontario's real estate lawyer, enhancing the client experience and streamlining the legal process with advanced technology solutions, has announced it has raised $1.25M in pre-seed funding. Through this, Doormat is bringing much-needed simplicity and ease to the real estate buying and selling process in Canada. Alate Partners led the funding round, with participation from The LegalTech Fund, Erin Bury of Willful, Brandon Chu formerly of Shopify, alongside additional angel investors.
In Canada, a legal professional is an essential part of a real estate transaction, and yet, this component of the industry hasn't kept up with the technological advancements seen in other industries. Doormat is on a mission to provide Canadian homeowners, home buyers and home sellers with a better option for their legal real estate needs. Through their online platform, Doormat brings transparency and simplicity to legal real estate services - from home buying and selling to mortgage refinancing to property ownership changes, enabling clients to feel confident and informed. With Doormat, Canadians can tackle the tedious legal tasks involved in the real estate process all from the comfort of their own home.
"When I purchased my first property, I wasn't aware that I needed a real estate lawyer, and once I went through the lengthy process of finding one, I was confused and uncertain about the entire thing," said Robert Saunders, CEO and Co-Founder of Doormat. "This confusion inspired the creation of Doormat, as we set out to simplify the real estate journey. By addressing the critical need for accessible legal expertise in property transactions, Doormat empowers home buyers and sellers with the confidence and assurance they deserve. With the housing market slowly experiencing a rebound, we want Canadians to have access to a real estate tool kit and Doormat is a part of that. We are igniting change, driven by a disruptive passion to redefine the way we navigate the world of real estate."
With real estate being an ongoing hot topic for Canadians, Doormat conducted a bilingual survey hosted on the Angus Reid Forum at the end of May to poll Canadians' sentiments on the use of technology in the real estate industry alongside Canadians' comfort level with using a real estate lawyer online. The survey received responses from over 1,500 individuals across Canada.
The real estate industry needs more technology
The conventional methods of buying and selling property prove intricate and overwhelming. This is precisely where Doormat steps in. Now available in Ontario, Doormat’s pioneering approach seamlessly integrates innovative proptech with a personalized service, providing a comprehensive solution that simplifies real estate legal services and ensures accessibility for all.
Traditionally, the real estate market has been associated with complexity and stress. Prospective buyers and sellers often find themselves entangled in convoluted processes, paperwork, and intricate negotiations, leading to frustration and inefficiency with the vast majority of Canadians (82%) feeling that technology is necessary to improve the real estate buying and selling process in Canada.
“Doormat is re-imagining a crucial, yet often overlooked aspect of the home buying journey: the closing process. The team has the right mix of software development, real estate law, and operations expertise to bring much needed innovation to the sector,” said Courtney Cooper, Principal at Alate Partners. “We are impressed by Robert and the team’s vision as well as the support that they have already garnered from industry leaders and legal professionals. We look forward to working with Doormat to bring a better, digital-first real estate lawyer to Canadians.”
Embracing technology for comfort and convenience
Canadians have readily embraced these technological advancements, recognizing the benefits they bring to the home buying and selling experience. With the advancement of digital tools and online platforms like Doormat, individuals are now able to navigate the real estate market with greater ease and confidence. Nearly two-thirds of Canadians (63%) would be comfortable engaging with an online real estate lawyer if it would save them time and money during the home buying and selling process. This stat jumps to 71% when honing in on younger Canadians, which includes the next generation of homeowners, aged 18 to 34.
Doormat combines proptech and legal tech and has created an online solution where homeowners and homebuyers can go for their legal real estate needs. What started with a vision from a software engineer, real estate lawyer, and operations executive is now rounded out by a leading panel of investors, bringing additional expertise in the real estate, legal and tech spaces. Thanks to the strategically-selected investors, the additional capital will help Doormat grow its team and expand the company’s presence throughout Ontario and beyond, improving the overall legal real estate experience and offering greater access to tech-powered solutions.
Visit Doormat.ca to learn more.
ABOUT DOORMAT:
Doormat is Ontario’s real estate lawyer, revolutionizing a critical stage of the homeownership experience through an online personalized experience where buyers and sellers can conveniently communicate, negotiate, and complete their real estate transactions, all within a user-friendly and secure environment. Combining legal tech and proptech, Doormat is evolving the untapped real estate lawyer industry and is dedicated to simplifying the real estate transaction process, starting in Ontario. Through its online platform, Doormat is bringing much-needed simplicity and ease to a complex process and is building a better way to do real estate. To learn more, visit Doormat.ca.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230601005032/en/
