Toronto-based proptech startup Doormat has rebranded to Ownright and secured $4.5 million CAD in seed funding to help more Ontarians close residential real estate deals.
Ownright, which offers legal services for property closings, plans to use this capital to expand its team and invest in automation and product innovation as it looks to hone its process, capture more of the Ontario home sales market, and become “the go-to legal partner for real estate transactions.”
“Right now, we’re really focused on just delivering [an] exceptional experience doing one thing and doing it really well,” Ownright co-founder and CEO Robert Saunders told BetaKit in an interview.
This round brings Ownright’s total funding to $6.5 million. This figure also includes $1.25 million in convertible note pre-seed financing, in which Alate led and Relay participated, from when the startup launched in 2023. Saunders said that Ownright processed over $150 million in total transactions that year.
Ownright claims it has now facilitated more than 1,000 real estate transactions across Ontario, collectively worth more than $750 million. The company, which is processing hundreds of deals monthly, expects to cross the $1-billion volume mark by the end of this year.
While Ownright has been generating a lot of traction among first-time home buyers and sellers in particular, Saunders said that the company serves a wide variety of clients, including real estate investors and multi-property owners. The startup’s growth to date has largely been driven by referrals from real estate agents and mortgage brokers.
“Our ambition is to become Canada’s real estate lawyer,” Saunders said.
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