CRE Startups Mynd, Workframe Each Close Series B Funding Rounds
Mynd, a tech-oriented property management specialist, has closed a $20M Series B round led by Lightspeed Ventures, with reinvestments from Canaan Partners and Jackson Square Ventures. This brings the company’s total venture backing so far to $36M.
Separately, Workframe, a communication platform designed for commercial real estate professionals, has raised $9.5M in Series B funding.
The company provides property management of small multifamily buildings and single-family homes, with the goal of making it simple for investors to own real estate. According to Mynd, its technology drives more efficient operations, while giving owners transparency about their real estate portfolio.
Doug Brien and Colin Wiel launched Mynd two years ago. This is their second startup together; they founded Waypoint Homes, an early post-recession player in the single-family rental industry, in 2009, and took it public in 2014.
“Residential property management is a massive, antiquated and highly fragmented industry,” Lightspeed Ventures partner Will Kohler said. “We believe it will be disrupted by a tech-enabled service company. Mynd stands out as the best candidate to be that company.”
As for Workframe, its round was led by Newmark Knight Frank, which will be rolling out Workframe across its service lines nationwide.
The financing included participation from the venture capital arm of real estate tech firm MetaProp, as well as Venrock, a venture capital firm and repeat Workframe investor.
Workframe was founded by entrepreneurs Robert Moore, Andy Parsons and Matthew Smith, who developed a web-based software application that provides a portfolio-level view of various initiatives. According to Workframe, that gives corporate tenants, landlords, brokers and service providers visibility into their workflow and presents them with actionable data.