The rebranded proptech startup aims to expand its legal services and streamline homebuying transactions
A Toronto-based real estate tech startup has a new name and fresh funding as it looks to carve out a bigger share of Ontario’s home sales market. Doormat, now rebranded as Ownright, has secured $4.5 million in seed funding to streamline property closings for buyers and sellers.
The funding round, which closed in December, was co-led by Alate Partners and Relay Ventures, with backing from undisclosed angel investors. This brings Ownright’s total funding to $6.5 million, including $1.25 million in pre-seed financing raised in 2023.
Ownright specializes in legal services for property closings, mortgage refinancing, and status certificate reviews - all areas where homebuyers often face high costs and long wait times. By integrating technology with in-house legal expertise, the company aims to make closings more efficient and affordable.
Ownright offers a tech-first approach that automates parts of the transaction while still providing human oversight. The company operates under a partner law firm and takes a fee per transaction.
CEO Robert Saunders said the company is focused on refining its services before expanding beyond Ontario.
While Ownright had initially planned to enter British Columbia and Alberta, those expansion plans are on hold. The company sees significant room for growth within Ontario, where it currently holds less than 1% market share.
Saunders said the company has facilitated over 1,000 transactions worth more than $750 million and expects to pass the $1 billion mark this year. The company has gained traction primarily through referrals from mortgage brokers and real estate agents, particularly among first-time homebuyers and real estate investors.
With this funding, Ownright plans to expand its 19-person team to 25 employees and invest in automation, back-office improvements, and marketing to increase efficiency.
“We believe Ownright is solving a critical gap in the market by making real estate law more transparent and accessible to home buyers and sellers,” said Courtney Cooper of Alate Partners, who has joined the company’s board.
While expansion outside Ontario remains part of the company’s long-term vision, Saunders emphasized that proving the model locally is the priority before scaling nationally.
Read next: How to become a real estate lawyer in Canada
“Our ambition is to become Canada’s real estate lawyer,” Saunders said in an interview with BetaKit.
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