DoorFeed raises €7m for a platform that allows large investors to buy family homes.
Institutional real estate investors have historically had a hard time buying thousands of family homes (aka the single-family rental sector) to turn us all into rent slaves and tie millions to the rentier economy.
New startups are trying to alleviate this "pain" of the predatory messengers of hypercapitalism. Immo Capital, a residential real estate portfolio management platform, raised $90.7 million. Bricklane is another platform for rental housing (raised £6 million outside London). Casafari in Spain/Portugal has raised $20.5 million.
DoorFeed, founded by James Kirimi, a former Uber UK employee, has entered this market. It received new funding of €7 million in a Seed fundraising round led by Motive Ventures (backed by private equity firm Apollo, owners of Yahoo!
In simple terms, DoorFeed provides a data and operations platform for investment funds to assemble and manage large portfolios of apartments and houses. It also allows you to identify which homes have poor energy efficiency and then repair them, possibly unlocking ESG loans from governments, the company claims. The company's revenue consists of a finder's fee and repair management fee, as well as an annual real estate and asset management fee.
Reviewing the market independently, these companies clearly know what would make a hedge fund CEO blush with envy. Investment in European residential assets surpassed all other real estate classes in the second quarter at €10.6 billion, according to JLL, and 20% of the market is owned by investors buying apartments to rent out.
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