Toronto-based proptech startup Doorr, which offers a mortgage platform for brokers and financial institutions, has raised $1.75 million CAD in seed funding. This brings the startup’s total funding to date to $2.25 million.
“We see Doorr’s vertically-integrated platform as essential for enabling the mortgage broker channel.”
The funding was led by Celtic House Venture Partners and MaRS Investment Accelerator Fund. Techstars and several unnamed strategic angel investors also participated in the round. Doorr told BetaKit that it also received investment from Joshua Gans, chief economist at Creative Destruction Lab, through CDL Scientists and Economists Fund, which has no direct association with CDL.
The funds will be used to develop Doorr’s product, with a focus on improving deal velocity, accuracy, compliance, and the overall client experience.
Founded in February 2018, Doorr’s platform allows brokers and financial institutions to connect and collaborate with their clients on pre-approvals, refinances, and purchases, through an entirely digital experience. The platform was created to streamline and provide visibility to consumers on the mortgage application and approval process.
“We see Doorr’s vertically-integrated platform as essential for enabling the mortgage broker channel,” said Connor Edwards, senior investment manager at MaRS Investment Accelerator Fund. “I’ve been impressed with the team’s product-led growth and its ability to execute while keeping customers top of mind.”
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Doorr’s founder and CEO Muhammad Rashid worked as a mortgage broker while also working at Toronto tech startups like Sampler and Flipp. He identified an opportunity to modernize the home-buying process, and brought on co-workers at Flipp, Adam Hijleh and Abbas Ali, to help him start the business.
The uncertainty surrounding the COVID-19 pandemic has led to the federal government purchasing up to $50 billion in insured mortgage debt, and the Bank of Canada lowering interest rates to 0.25 percent in March. Rashid told BetaKit COVID-19 has ramped up the migration of mortgage transactions to digital platforms for both brokers and financial institutions.
“We find ourselves in a unique position to lead the transition by equipping mortgage specialists with the tools they need to offer a truly digital experience while being able to facilitate transactions remotely,” Rashid told BetaKit.
Image source Pixabay.