OAKLAND, Calif.--(BUSINESS WIRE)--Mynd Property Management, a full-stack tech-enabled property management company scaling the non-institutional segment of the $20-billion-plus single-family rental (SFR) sector, closed a Series C round of financing totaling $41.5 million. Wells Fargo led the round, joined by Mynd’s existing Silicon Valley investors, Canaan Partners, Lightspeed Venture Partners, and Jackson Square Ventures.
With more than 7,500 homes under management in 16 markets and expanding, Mynd is one of the largest SFR property management firms in the U.S. By investing in disruptive technology, the company has unlocked the potential of virtual property management.
“It’s a strong validation of our technology, business, and virtual operations that during one of the most challenging economic cycles in American history we were able to secure $41.5 million in funding,” explains Doug Brien, CEO and co-founder of Mynd Property Management.
Wells Fargo, one of the leading banking institutions in the United States, along with several other prominent VC firms, provides a strong testament to the long-term viability of Mynd’s business model.
“We were drawn to Mynd’s business model and proven ability to create a seamless, end-to-end management and investment platform for the residential property management sector,” said Osei Van Horne, managing director of Wells Fargo Strategic Capital’s Technology Group. “Wells Fargo is excited to be an equity investor in this tech-enabled company as it continues to improve the virtual property management and leasing experience, and bring a new level of efficiency for real estate investors, owners, renters, and residents.”
Providing an Essential Service at a Critical Time
Mynd provides the core and essential service of housing people and managing properties. Rental housing has remained in high demand with both renters and investors. “Since everyone needs a place to live, we believe in the long-term strength of investing in residential real estate. Ongoing stock market volatility during these uncertain times and all-time-low interest rates make real estate an even more attractive investment option,” Brien adds.
“Since day one, we have been focused on providing virtual property management, including remote leasing with self-showings and 3D tours. In the COVID-19 era, this is more important than ever,” says Colin Wiel, Mynd’s co-founder, and CTO.
“The impacts of COVID-19 and the need for technology to enable remote operations have forced other property management companies to adapt to a new normal. With this Series C funding, we look forward to leading the property management sector into a new technology-focused era,” Wiel concludes.
About Mynd Property Management
Mynd is a full-stack tech-enabled property management company serving the $20-billion-plus, non-institutional rental (SFR) sector with a combination of innovative technology and local expertise that enables best-in-class virtual property management. Headquartered in Oakland, Calif., Mynd currently manages over 7,500 units in 16 markets. With backing from leading Silicon Valley venture capital firms, the rapidly expanding proptech company delivers an unparalleled customer experience for both small residential property owners and residents with a mission to create happy homes and healthy investments. The company is developing an end-to-end real estate investment and management platform that offers remote SFR investing in the most attractive metros nationwide.