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US: Full-service real estate investing platform Doorvest, which helps busy working professionals to own passive income rental homes, has acquired a competitor in the shape of Getaway, a proptech company that enables real estate investors to find and finance investment properties.
By offering end-to-end solutions, Doorvest is designed to simplify the process of buying, owning and managing investment properties, as well as to empower individuals to build wealth through real estate “with ease and confidence”.
Through the acquisition, Doorvest will now be able to offer customers an enhanced end-to-end experience with the launch of Getaway’s financing products. The combined forces of Doorvest and Getaway will create a vertically-integrated, all-in-one platform for sourcing, financing, transacting and managing investment properties.
Andrew Luong, co-founder and CEO of Doorvest, said: “The two companies have gotten to know each other as partners and friends which gave me a front row seat at watching Ali [[Nichols] McCarty] and the Getaway team build phenomenal financing products. These products have armed real estate investors with the tools to expand their portfolios and we’re eager to offer this to current and future Doorvest customers.
“By uniting Doorvest’s end-to-end platform with Getaway’s innovative financing tools, we’re accelerating our mission to advance financial security for all while ushering in proptech 3.0. With the addition of financing capabilities, we’ll further streamline every step of the investment journey and provide our customers with a seamless and fully integrated experience that empowers them to achieve their financial goals,” he added.
The merger accelerates the development of Doorvest’s upcoming lending product, which is set to launch later this year. With the integration of Getaway’s investment sourcing technology and extensive network of over 34,000 investor customers, Doorvest is aiming to become the go-to platform for Americans aspiring to build wealth through real estate.
Ali [Nichols] McCarty, co-founder and CEO of Getaway, and the new COO of Doorvest, said: “At Getaway, we’ve always been driven by the mission to make real estate investing more accessible. Combining forces with Doorvest allows us to expand our impact, offering a broader range of solutions to help more people diversify into real estate.
“Together, we are simplifying the investing process and enhancing consumer choice, setting a new standard in the industry,” she added.
In a press release, the two combined teams said that they would collaborate with strategic partners in the coming months to bring their enhanced product suite to key markets, with plans ahead for national expansion across the United States.
Getaway officially launched in October 2022, closing a $5.9 million seed funding round at the same time.
At the time, the startup set out to enable ‘everyday’ investors to own a fractional share [starting at $1,000] of a property in its portfolio and earn monthly cash flow from rental income. In particular, it aimed to tackle the problem of affordability and accessibility of vacation homes, despite the high inflation and volatility of public markets.
Nichols previously participated in a STRz webinar about ‘Timeshare, fractional ownership and membership clubs: making a comeback?’ alongside leaders from RCI, Mint House and KOALA. Watch the recording back here.
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