Mynd, an Oakland, California-based tech property management company, has landed a further $5m in venture funding.
The round was led by Lightspeed Ventures Partners, with re-investments from Canaan Partners and Jackson Square Ventures. Also participating in the round, which brings the company’s total venture backing to date to $15.6m, is Barry Sternlicht, chairman and CEO of Starwood Capital Group. Founded in 2016, Mynd is a technology enabled platform that provides full-service property management for residential buildings, 50 units and smaller.
The startup claims its technology-based approach to property management ‘brings greater efficiency’ to property owners and managers, by combining real-time data and transparency to users. Mynd’s portfolio of over 1,100 units started in the Bay Area and has extended into the San Diegomarket with the acquisition of Pacific Shore Management.
The additional capital will be used to continue its expansion into new markets with a continued focus on delivering a ‘better service to property owners and their residents,’ according to chairman and CTO Colin Wiel.
Lightspeed partner Will Kohler added: “Mynd has designed a technology platform and assembled an experienced operating team to address the inefficiencies in the market. We are excited to be working with the team to address what we believe is a big opportunity to reinvent and propel the residential rental market.”
Earlier this month, Lightspeed Venture Partners recently participated in a $35m Series C funding round for Roofstock, a California-based real estate investment platform. The round was led by Canvas Ventures and featured Bain Capital Ventures, Khosla Ventures, Nyca Partners, QED Investors, and FJ Labs. Lightspeed previously led Roofstock’s $20m Series B round.
A total of $2.21bn was invested in Real Estate Tech companies last year – more than double the funding in 2015, according to data by FinTech Global. Q2 2016 was a record quarter for investment in Real Estate Tech due to the $594m Series B round and the $486m funding closed by Home Link. However, considering only deals valued under $100m investments in Q2 2017 were up by 11.6% YoY.
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