Tech News

Dallas real estate tech firm lands new $4.5 million investment in platform

Dottid, a Dallas tech firm building a software-as-a-service platform for the commercial real estate industry, is getting a $4.5 million cash infusion in a new investment round.

Founded in 2018 by CEO Kyle Waldrep, the company’s software contains visual tools for tracking office, retail and industrial real estate transactions from vacancy to tours and deal signing to move-in. It has doubled square footage tracked in its platform to more than 20 million since the beginning of this year.

The new capital comes from investors who include former Stewart Title CEO Matthew Morris, SitusAMC founding partner Steven Bean and former SAP North America Services head Kevin McManus. It brings the company’s total funding to $8.4 million.

“Within the first year of launching our intuitive technology, the platform has been adopted in tens of millions of square feet of commercial properties and some of the largest industrial and office owners in the country,” Waldrep said in a statement.

Dottid, introduced in January 2020, was developed based on four years of input from commercial real estate leasing and asset management professionals, according to the company. It has nearly doubled its workforce to 20 in the last year.

Its initial $3.85 million funding round in 2020 included two former executives of Invesco Real Estate and a board member of two Texas public pension funds.

Velocis, a private equity real estate fund manager, signed on to Dottid’s platform this spring.

“One of my favorite Dottid features is that it tracks deals not only through lease signing, but all the way to the day you start receiving revenue including the build-out phase,” said Velocis asset management vice president Travis Gallivan in a statement. “Having all of this data at your fingertips allows us to have intimate, real-time knowledge of our properties and helps us to manage assets more efficiently.”

Nationally, Texas companies attracted the fourth largest amount of venture funding in 2020, according to an analysis by Crunchbase, which tracks VC investment. The $4.4 billion that poured into startups and early and late stages was a slight increase from 2019, but represents a doubling of investment in the last five years.