Malmö, Sweden-based Minut, a short-term rental property monitoring company, announced on Friday, December 8, that it has secured a $5M (approximately €4.6M) extension funding for its Series B round from Smedvig Capital.
The latest capital infusion brings the total funding raised in the Series B round to $20M (approximately €18.5M).
With this round, Smedvig joins Almaz Capital, Zenith, Kompas, Karma, KPN Ventures, SOSV, Verve, and other existing investors.
The Swedish company will use the latest capital to fund multiple product initiatives that will benefit its large portfolio of clients, hosts, and property managers.
Besides, the funds will enable Minut to accelerate its international expansion, increasing the team across Europe and the USA.
Nils Mattison, Co-Founder and CEO of Minut, says, “We’re excited to welcome Smedvig as new investors extending our Series B round to a total of $20M. Having known the Smedvig team for many years, we felt it was the perfect time for them to join at the stage we are in, bringing an impressive portfolio and expertise in Nordic and UK tech investments. With this new capital, we can redouble product development efforts and leverage our STR leadership into new verticals with a more aggressive hiring plan in both our European base and our international markets.”
Minut: Helping property managers to monitor and automate workflow
Led by Nils Mattison, Minut helps property managers and hosts monitor their properties and automate workflows.
The Minut sensor monitors noise, occupancy, cigarette smoke, motion, and temperature in rental properties, helping hosts prevent parties, enhance guest experience and protect their homes while respecting guest privacy.
With powerful automation and integrations, the company aims to empower property managers to grow their businesses while keeping operations lean.
This year, Minut launched two new features; a sensor that monitors noise both indoors and outdoors, and a cigarette smoke detector for properties.
Many property owners and hotel managers face the challenge of unauthorized parties and cigarette smoke on their premises.
Cigarette smoke, in particular, is one of the most common complaints received by hotel managers.
This creates a huge opportunity for Minut to emerge as the global leader in monitoring such places where privacy is a crucial factor.
The investors
Smedvig Capital is a VC firm that seeks to invest in early-stage companies operating in the technology and B2B services sectors across the United Kingdom, Netherlands, and Nordics region.
Freddie Kalfayan, Senior Associate at Smedvig Capital, adds, “We have known Nils for 5+ years and have been tracking the business closely over that time. Minut has a fantastic opportunity to become the global leader in short-term rental property monitoring, enabling property owners and managers to prevent adverse events and drive material efficiency improvements in their day-to-day operations through a number of workflow automation. They have developed an exceptional, high-quality product that is loved by customers and has continued to evolve at pace since we’ve been tracking them. Their roadmap ahead takes them further on their journey to become a critical “co-host” for operators, enabling customers to create amazing guest experiences and drive operational efficiency.”
Read the orginal article: https://siliconcanals.com/news/startups/swedish-startup-minut-bags-4-6m/
