OAKLAND — Mynd, a full-service property management company, has raised $5.1 million in a Series A1 financing lead by Jackson Square Ventures with participation from Canaan Partners, Lightspeed Venture Partners and strategic angel investors.
The company has raised a total of $10.6 million to date, including a $5.5 million Series A financing led by Canaan Partners in October 2016.
Mynd uses 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.
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.”