Mynd Property Management Raises $5.1 Million in Series A1 Financing
New investor Jackson Square Ventures leads the round with additional investments from Canaan Partners, Lightspeed Venture Partners and strategic angel investors
Company expands tech-enabled property management services into Greater San Jose area and will leverage funding for rapid expansion throughout the San Francisco Bay Area and beyond
OAKLAND, Calif., March 21, 2017 /PRNewswire/ -- Mynd, the full-service property management company with the industry's first real-time mobile app, raised $5.1M in a Series A1 financing lead by Jackson Square Ventures with participation from Canaan Partners, Lightspeed Venture Partners and strategic angel investors. Mynd leverages technology, systems and data to more efficiently manage multi-family residential buildings with 50 units or less as well as single family rentals. Mynd offers property owners a superior level of service that includes real-time access to key operating metrics and financial data, and most importantly, enhanced profits. This segment of the industry comprises 84% of all residential rental housing and is dominated by mom-and-pop property management companies that do not leverage technology sufficiently. The company has raised a total of $10.6M to date, including a $5.5M Series A financing led by Canaan Partners in October 2016.
Today, Mynd also announced its property management service expansion into the Greater San Jose area. After launching its private beta for East Bay rental property owners in October 2016, Mynd has grown rapidly, increasing units under management by an average of 30% each month. With this service expansion driven by customer demand, Mynd is now available to rental property owners in the East Bay and South Bay with San Francisco and Marin coming this summer.
Through a mobile app or online dashboard, owners can view real-time information on rental income, vacancies and work orders, as well as communicate with the Mynd property management team. This brings owners a new level of insight and transparency, enabling them to make smarter, more profitable decisions while having peace of mind that their properties are well taken care of.
"We've been incredibly impressed by Mynd's early progress and rapid growth," said Pete Solvik, Managing Director at Jackson Square Ventures. "The residential property management space is a massive market and ripe for reinvention. We believe Mynd is poised to lead that reinvention by leveraging technology to create efficiencies, offer better service and provide faster insight for real estate investors everywhere."
The additional funding from the Series A1 will power the growth of Mynd's staff and general expansion into new markets throughout the Bay Area and beyond.
"We are thrilled to expand into the South Bay and take one more step toward our vision of making owning and renting real estate simpler for everyone, from anywhere," said Colin Wiel, Mynd Co-CEO and Co-Founder. "And with this infusion of capital and the support of top-notch investors, we are confident our team will continue our exponential growth and expansion, bringing radical transparency to real estate investing."
"Institutional real estate investors have real-time access to data, which shapes their investment decisions and enhances their returns," said Doug Brien, Mynd Co-CEO and Co-Founder. "Individual real estate investors should have access to that same data. We've spent the past five months in private beta gathering insights from Investors and refining our service to meet their needs. We look forward to rolling out our service to more investors in more markets. Our goal is to bring Wall Street investment tools to Main Street investors."
About Mynd
Mynd is headquartered in Oakland and was co-founded by Doug Brien and Colin Wiel, both of whom are experts in the real estate and technology industries, and pioneered the single-family rental industry by founding Waypoint Homes, the first property management company to deploy technology at scale. To learn more, please visit: https://www.mynd.co
SOURCE Mynd Property Management
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