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PROPERTY MELD ANNOUNCES $15M SERIES B FUNDING LED BY FRONTIER GROWTH
News provided byProperty Meld
Jan 25, 2023, 5:26 PM ET
RAPID CITY, S.D., Jan. 25, 2023 /PRNewswire/ -- Property Meld, a leading property maintenance software platform, today announced a $15 million Series B funding round led by Frontier Growth, a growth equity firm focused on high-growth software businesses. Additional investors include Vesta Ventures, South Dakota Equity Partners, and Badlands Capital. This raise brings the company's total funding to $22 million and will support Property Meld's continued growth and product expansion.
As a leading provider of property maintenance software with over 650 customers and over 450,000 units, Property Meld helps property managers optimize their maintenance process while also improving scheduling, billing, and communication with residents and maintenance vendors. As a result, Property Meld customers enjoy reduced maintenance costs and increased satisfaction from all stakeholders in the maintenance process.
"Our growth and development over the past year demonstrate the need for a high-performing maintenance platform within the industry," says Ray Hespen, CEO, and Co-founder of Property Meld. "Maintenance and repair costs are the highest, least optimized, and most controllable budget items for property management companies. They also impact leasing costs and vacancy rates, as a poor maintenance experience is the number one reason for renter churn. Our customers experience significant improvement across these dimensions when using Property Meld to manage their maintenance process."
Last year alone, Property Meld facilitated 1.7 million maintenance requests and nearly $550M in maintenance repairs, and the Company forecasts significant growth in 2023. Property Meld powers maintenance for industry leaders such as Evernest, HomeRiver Group, PURE Property Management, as well as Real Property Management, All County, and PMI franchises. Property Meld also offers robust integrations with AppFolio, Buildium, Propertyware, and RentManager.
"Property Meld has generated impressive growth and a unique ability to improve the maintenance process for its customers, which ultimately helps improve their overall net operating income. We are excited to partner with Property Meld as they continue growing and delivering value to customers," says Matt Williams, Vice President of Frontier Growth. "Our decision to invest in Property Meld is rooted in their unique focus on the product and experiences that we believe will reshape the industry."
"This additional funding will drive continued innovation allowing us to double down on our industry-leading analytics, automation, and preventative repairs. Advances in artificial intelligence and other technologies will allow us to bring new insights and efficiencies that were not possible just a short time ago," says David Kingman, CTO and Co-founder of Property Meld. "We find ourselves in the fortunate situation of growing and developing our teams in a recession-proof industry.
About Property Meld
Founded in 2015, Property Meld is a stand-alone maintenance software platform for property management companies to optimize their maintenance process. Property management companies experience maintenance scheduling, communication, coordination, billing, and oversight friction. In response, Property Meld provides a solution that significantly reduces maintenance costs and increases satisfaction for all stakeholders in the maintenance process. Learn more at www.PropertyMeld.com.
About Frontier Growth
Frontier Growth supports the growth of software companies in the lower middle market by deploying both investment capital and operational expertise. The firm was founded with a culture that puts People Before Numbers, because it's people that lead to real growth. With over 20 years of experience, Frontier respects that each of its companies represents someone's life's work. It's why the firm's explicit focus is to help them grow without stifling the innovation that's made them successful. Please visit www.frontiergrowth.com for more information.
Contact: Madison Zimmerman, Property Meld
Phone: (605) 431-0265
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SOURCE Property Meld