Mynd, a tech-enabled property management company with an industry first real-time data management mobile solution, has closed a $20 million series B round led by Lightspeed Ventures, with substantial re-investments from Canaan Partners and Jackson Square Ventures. This brings the company’s total venture backing to date to $36 million.
The California based startup provides full-service property management of small multifamily buildings and single-family homes, with the goal of making it simple for investors to own real estate. Mynd leverages technology to drive more efficient operations and more profit to owners while giving owners full transparency into what is happening with their real estate portfolio in real-time.
The founders, Doug Brien and Colin Wiel, launched Mynd two years ago, on the heels of their previous startup, Waypoint Homes, a pioneer of the single family rental industry. They started Waypoint Homes in 2009, and went public in 2014 as a REIT on the NYSE.
“This round of funding will allow us to continue our rapid expansion into new markets and bring the benefits of Mynd to more owners and residents,” said Chairman and CTO Colin Wiel. “Our key learning at Waypoint Homes was that property management could be dramatically more effective and efficient by leveraging technology and operating at scale.”
“Residential property management is a massive, antiquated and highly fragmented industry,” said Will Kohler, partner at Lightspeed Ventures. “We believe it will be disrupted by a tech-enabled service company, with leaders who understand how to create efficiencies and scale for both owners and residents. Mynd stands out as the best candidate to be that company.”
Property management is commonly known as the process of managing property that is available for lease by maintaining and handling all the day-to-day activities that are centred around the piece of real estate. Property management may involve seeking out tenants to occupy the space, collecting monthly rental payment, maintaining the property, and upkeep of the grounds. Apartment complexes are usually handled by some type of property management company.
According to a UK website Industry Today, with the slowdown in world economic growth, the Property Management Software industry has also suffered a certain impact, but still maintained a relatively optimistic growth. In the past four years, the Property Management Software market size has maintained an average annual growth rate of 6.10 per cent from $1.8 billion in 2013 to $2.15 billion in 2016. Publisher analysts believe that the next few years, Property Management Software market size will be further expanded. By 2021, the website says, the market size of the Property Management Software will reach $2.98 billion.