Mynd said it raised $20 million of Series B capital in a round led by Lightspeed Ventures and joined by existing investors Canaan Partners and Jackson Square Ventures. The company has now raised $36 million.
A press release follows:
TECH ENABLED PROPERTY MANAGEMENT COMPANY MYND CLOSES 20 MILLION SERIES B ROUND
Funds Will Be Used to Fuel National Expansion of the Company’s Flagship Solution
Oakland, CA — May 16, 2018 — Mynd, a tech-enabled property management company with an industry first real-time data management mobile solution, announced today that it 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 company 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.”
Mynd is reinventing the multi-family residential market by combining homegrown software with industry-leading operations to give owners a simpler, more profitable solution to manage their rental properties. Headquartered in Oakland, CA, Mynd was co-founded in 2016
by Doug Brien and Colin Wiel, who pioneered the single-family rental industry at Waypoint Homes (NYSE: SWAY). Mynd is backed by Canaan Partners, Jackson Square Ventures and Lightspeed Partners. To learn more, please visit: https://www.mynd.co