PropTech startup Dottid raises $3.85M seed funding to disrupt the $2.1 trillion commercial real estate industry
Depending on the data you are looking at, the US commercial real estate (CRE) market is estimated to be around $2.1 trillion or 36 percent of the total value of commercial real estate. It consists of at least 9.5 billion square feet of shopping center space. Dottid is a new kid on the block aiming to shake up the commercial real estate space.
Today, Dottid announced it has raised $3.85 million in seed funding round of funding. Backers include David Ridley, Founder and former CEO of Invesco Real Estate, Laurie Dotter, current investment board member for two public Texas pension funds, and David Farmer, former COO of Invesco Real Estate, marking the first time several leading local real estate industry insiders have made an investment of this kind in a PropTech company.
Founded in 2018 by Kyle Waldrep, Dottid is a commercial real estate software-as-a-service technology platform. Its technology platform is the first-of-its-kind to offer efficiencies and savings in both time and costs to all parties in a commercial real estate transaction. Dottid aims to revolutionize the CRE industry one business at a time by streamlining the leasing transaction process, allowing owners, brokers, and tenants to close more deals faster and with lower costs, saving millions in lost revenue and valuable time, and ultimately creating a better customer experience for the tenant.
In 2016, Dottid Founder and CEO Kyle Waldrep turned down a job as a leasing agent after recognizing the antiquated nature of the CRE industry. For many leasing teams, their day-to-day involves chasing down administrative tasks that could be easily solved with the right technology. Realizing that the platform didn’t yet exist, Waldrep went to work on creating the solution – Dottid.
Dottid has also built a team of advisors such as Jonathan Crowder, Partner at Intelis Capital; Don Goldstein, former CIO and CISO of CBRE; Brian Liikala, former Portfolio Manager for the State of Michigan Retirement Systems; and Catherine Rodewald, former President of Prudential Asset Resources Inc., who have contributed their years of industry insights and expertise to ensure that the Dottid platform is a solution for every constituent involved within leasing transactions.
“I am grateful for the support and investment we’ve received from some of the true titans of the real estate industry,” Waldrep said. “For the type of caliber and expertise of the investors and advisors we’ve attracted to validate our vision and help us build the future of the CRE industry, I know we are on the cusp of real transformation.”
“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,” says Don Goldstein, Dottid Advisory Board Chairman and former CIO and CISO for CBRE. “It is exciting that an industry, so tied up in valuable capital, now has a real solution for these challenges.”
Headquartered in Dallas, Texas, the second-largest commercial real estate investment market in the country, Dottid has built a robust team of real estate and technology experts, including the recent hire of Chief Technology Officer, Senecca Miller, a former Senior Dev Ops Engineer from Toyota Connected, as well as completing a pilot program with a major Texas developer and property owner.
“What sets us apart from any other PropTech company in this space is the volume of industry expertise and user feedback that has been tested and built into the platform,” said Laurie Dotter, Dottid investor and advisor. “The user experience and design simplicity is unlike any other, and we know the platform will be an effective tool for lease revenue generation.”