Mobile Doorman, an industry-leading software provider of custom mobile apps connecting residents and their communities, has closed on $6.5 million of expansion capital to fuel the company's continued growth in 2019. The round is led by Reimagined Ventures, an investment arm of the Litowitz Family Office, which also led its Series A round in 2018, as well as contributions from existing investors.
The latest funding round is expected to serve as a launching pad for new product feature developments aimed at unlocking additional revenue streams for property owners and managers, as well as the company's further expansion into the multifamily industry.
"Since its inception, Mobile Doorman has aimed to fill a significant connectivity gap in the resident experience," said Ankeet Kansupada, who focuses on private equity investments for the Litowitz Family Office, in a statement. "We're targeted on ways we can continue improving upon that connection and, through that, unlocking new revenue streams for our partners using their custom apartment apps."
Founded in 2014, Chicago-based Mobile Doorman specializes in the creation of custom mobile app software for multifamily communities that empowers residents to live smarter and helps properties manage more efficiently, improve retention and boost their bottom line. This deal comes on the heels of the company's historic growth in 2018. Mobile Doorman had raised a total of $2.9 million over three funding rounds prior to this deal, according to Crunchbase.
Reimagined Ventures is focused on providing growth capital to exceptional businesses that are driving change in their respective industries. Alec Litowitz is the founder of Evanston, Illinois-based Magnetar Capital, a $13 billion multi-strategy and multi-product alternative investment manager.