Property management platform Mynd has closed its Series B round on $20m, with Lightspeed Ventures as lead investor.
Other commitments to the round came from Canaan Partners and Jackson Square Ventures.
The California-headquartered 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 platform gives tenants the ability to make service requests, submit payments and contact the landlord through the mobile app.
This equity injection will be used to accelerate the national expansion of its solution.
Lightspeed Ventures partner Will Kohler said, “Residential property management is a massive, antiquated and highly fragmented industry. 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.”
Following the new funding, Mynd’s total capital raised has reached $36m. Last year, the company closed a $5m funding round which was also led by Lightspeed Ventures. The previous capital injection was raised to expand into new markets.
This is Lighspeed Ventures’ seventh investment into the FinTech space this year, having recently participated in digital life insurance platform Ladder’s $10m funding round. Other investments made by the firm this year include contributions to cyber-insurance platform At-Bay, employee travel solutions provider TripActions, and e-commerce technology developer Udaan.
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