dotloop Caps Record-Breaking Year, Triples Subscriber Count in 2012
Rapid Customer Uptake Across Biggest Brands, Company Expansion
Validate Company's Movement to Eliminate Paperwork's Grip on Real
CINCINNATI, OH -- (Marketwire) -- 01/23/13 -- dotloop, the
fastest-growing software company in real estate, today announced that
it nearly tripled its paid subscriber count in 2012, ending the year
with almost 400,000 subscribers under contract on its cloud-based
service. This swift growth is proof of the growing demand for a more
digital experience throughout the real estate process as brokers,
agents, associations and consumers increasingly turn to dotloop to
eliminate paperwork and to make the process easier for everyone
"The rapid growth we experienced in 2012 is a testament to the
challenges the collective real estate industry is facing as we look
to close the gap between what consumers desire and what they
experience when they work with an agent or broker," said Austin
Allison, CEO of dotloop. "The only way we close the gap is through
leapfrog innovation -- merely iterating just isn't enough. Coupled
with an exploding market opportunity and our maniacal focus on
customer success, 2012 was a record-breaking year for dotloop and
also sets the stage for our next chapter of growth in 2013."
Building on a breakout 2011, the company continued to deliver
dramatic levels of growth and innovation on multiple fronts in 2012.
Major milestones include:
-- Rapid Subscriber Uptake: During 2012, the number of subscribers under
contract grew at a rate of more than 200 percent year-over-year to
almost 400,000 subscribers across the United States and Canada. The
number of transactions -- or 'loops' -- created by subscribers also
surged at a rate of more than 150 percent year-over-year to more than
1.5 million loops created, with more than 12 million documents being
uploaded to the service in 2012, a 900 percent increase from 2011.
-- Significant Employee Growth, Key Management Additions: The company
nearly tripled its headcount in 2012 to 90 employees, including a
number of leadership hires: Garrin Wong as vice president of
engineering, Chris Smith as chief paper killer and Chad Humphrey as
director of industry relations in October 2012. Additionally, dotloop
more than doubled its engineering, mobile development and
customer-facing support teams in the last six months. The company
expects continued growth in 2013 and plans to nearly double overall
headcount again to more than 160 employees.
-- Associations of REALTORS(R) Get Onboard in a Big Way: The company
now counts more than 19 state and regional associations of
REALTORS(R) as customers, including Arizona, Delaware, Florida,
Georgia, Metrolist, MLS PIN, Massachusetts, Miami, New Hampshire,
Pennsylvania and Vermont. More than 10 of these contracts were signed
in the fourth quarter alone.
-- Continued Product Innovation: In 2012, the company announced the
availability of dotloop-NOW, a free version of its popular cloud-based
service, designed for individual agents to benefit from a better,
faster and more secure transaction experience. In addition, dotloop
partnered with industry giants EXIT Realty to power its Total Office
Resource Center (TORC), which brings the entire real estate process
online and RE/MAX to help its broker/owners become more efficient,
compliant and profitable. The company also announced a partnership
with leading online marketplace Trulia.
-- Impressive Industry Recognition: CEO Allison won Inman News'
'Innovator of the Year' award in 2012, given to the individual who
most embodies the spirit of real estate innovation, as well as Best in
Biz's Executive of the Year award, Inman's Top 100 Most Influential
Real Estate Leaders and was recognized as a Forbes 30 under 30 in
2012. Leading business publication Entrepreneur also featured Allison
on its September cover as one of five start-up CEOs who are disrupting
their respective industries.
-- Funding from Premier Venture Capital Firm: dotloop raised $7 million
in a Series A funding round led by Trinity Ventures, a prominent firm
in Silicon Valley known for investments such as Aruba Networks,
LoopNet (acquired by CoStar Group, Inc.) and ServiceMax. As general
partner Noel Fenton noted, "dotloop has an opportunity to become an
industry standard platform for conducting real estate transactions."
dotloop is transforming the real estate industry by
providing a secure online platform where any real estate agent can
share and electronically 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.
Follow dotloop on Twitter: https://twitter.com/dotloop
dotloop on Facebook: http://www.facebook.com/dotLoop
on YouTube: https://www.youtube.com/dotlooptv
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