DotLoop Announces Release of Freemium Product and New Round of Funding

by Mike Audet on May 22, 2012

DotLoop, a real estate technology company that assists agents, buyers and sellers through the transaction process, announced a new round of funding and the release of their Freemium version of their product.

On the funding side, DotLoop announced a $7 million Series A round of financing from Trinity Ventures. The company will use the financing to accelerate sales and marketing, make strategic hires and open an office in San Francisco.  As part of the financing, Noel Fenton, general partner at Trinity Ventures, joins the DotLoop board.  “DotLoop has an opportunity to become an industry standard platform for conducting real estate transactions,” said Fenton. “DotLoop is going to automate what are today cumbersome manual processes that characterize residential real estate transactions.”

DotLoop today also announced a new product, DotLoop-NOW, a free version of their  real estate transaction platform.  The Freemium version will supply a base level of service to participating MLSs at no charge with additional Premium services, such as the ability to brand the product to your company, for an additional fee.

PRESS RELEASE:  SOURCE: DotLoop

May 22, 2012 08:00 ET

Real Estate Technology Company DotLoop Launches Free Version, DotLoop-NOW™

DotLoop-NOW Available to Individual Real Estate Agents, Consumers, and Organizations

CINCINNATI, OH–(Marketwire – May 22, 2012) – DotLoop, the first Real Estate software company that eliminates paperwork, today launched DotLoop-NOW, a free version of their popular enterprise software. DotLoop-NOW gives individual agents and their clients the freedom to focus on closing deals, and not on faxing, printing, filing, sending or utilizing multiple tools, and is driving a revolution in the way deals get done. DotLoop also today announced a $7M Series A funding round from Trinity Ventures.

DotLoop currently serves more than 200,000 agents in 700 cities in the US and Canada. DotLoop-NOW will allow for the rapid growth and expansion of the platform to every agent looking for a better way to manage real estate transactions and deliver a better consumer experience.

DotLoop-NOW also benefits Enterprises currently on DotLoop’s PREMIUM product by increasing overall market penetration and individual agent adoption of this time-saving technology. The unique benefits of DotLoop-NOW include:

  • Eliminate Paperwork: DotLoop’s proprietary Version-Now™ technology delivers a unique paperless solution by inviting people to the documents instead of passing around multiple versions. DotLoop is the only solution that ensures that everyone involved in the transaction is always working from the most recent set of documents.
  • Complete Solution: DotLoop-NOW allows deals to be negotiated, signed and closed, all in one place. With DotLoop-NOW, there is no need for separate e-sign solutions or forms management software, let alone faxing, printing, or couriering physical files.
  • Unlimited Use: DotLoop-NOW users are free to close as many deals as they can, with no restrictions on the number of Loops created.
  • 100% Free: There is no cost associated with the use of DotLoop-NOW. Agents can register and begin using the solution immediately by clicking here.

“Anyone who has bought or sold a home would agree that that process is broken,” said Austin Allison, Founder & CEO of DotLoop. “I bought my first house at 17, got my real estate license at 18 and came to the conclusion early on that there has got to be a better way. DotLoop is the ‘better way’ and, with DotLoop-NOW, the individual Agent can participate just like an Enterprise. Everyone can benefit from a better, faster, and more secure transaction experience.”

One of the first organizations on DotLoop-NOW is multiple listing service MLS PIN, New England’s largest listing service with 28,000 customers. “By offering DotLoop-NOW to our customers, they will be able to close deals faster, operate more efficiently and further delight their clients,” said MLS PIN President and CEO Kathy Condon. “We are truly proud to be a MLS at the forefront of technology in the real estate industry, and DotLoop contributes to making that possible.”

Enterprises looking to take advantage of PREMIUM benefits such as real time reporting, broker-level dashboards and efficiency features can upgrade from $8-$20 per agent each month, depending on the size of the office.

DotLoop is the only collaborative solution that allows agents, brokers and clients to negotiate, sign and manage documents, all in one place. Agents can spend less time printing, faxing and managing multiple point-solutions, and more time getting deals done. To get started using DotLoop-NOW today, visit www.dotloop.com.

About DotLoop
DotLoop is transforming the real estate industry by providing a secure online platform where any real estate agent can share and sign transaction documents in real-time. As the leading provider of collaborative negotiation services, DotLoop is available to service all real estate professionals throughout the United States and Canada. The innovative DotLoop platform is a collaborative, wholly web-based negotiation platform that lets users add, adjust, approve and sign documents digitally — addressing the challenges of security, efficiency and overhead costs in today’s real estate industry. For more information, please visit www.dotloop.com.

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