Property management technology provider Mynd announced this week that it raised $20 million in its Series B funding.
The company, which provides full-service property management of small multifamily buildings and single-family homes, said that it plans to use the money to grow its business.
And the company’s founders have significant experience when it comes to growing a company in the post-crisis environment.
Mynd was founded in 2016 by Doug Brien and Colin Wiel, who previously founded Waypoint Homes, a single-family rental operator that eventually grew into the largest player in the industry.
Waypoint Homes became Starwood Waypoint Residential Trust in January 2014. The company grew into one of the nation’s largest single-family rental companies, before merging with another single-family rental giant, Colony American Homes, in 2015.
That merger created Colony Starwood Homes, which later changed its name to Starwood Waypoint Homes. Late last year, Starwood Waypoint merged with Invitation Homes to become the biggest single-family rental company in the U.S.
And now, Brien and Wiel have moved on to start Mynd. The pair say that their experience in charting the growth of Waypoint will help them grow Mynd.
“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 Wiel, who serves as chairman and chief technology officer of Mynd. “Our key learning at Waypoint Homes was that property management could be dramatically more effective and efficient by leveraging technology and operating at scale.”
Leading Mynd’s Series B funding was Lightspeed Ventures, with “substantial” re-investments from Canaan Partners and Jackson Square Ventures. The funding brings the company's total venture backing to $36 million.
“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,” Kohler added. “Mynd stands out as the best candidate to be that company.”