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Tuesday, July 23, 2024

Minut from Sweden gets $20M in extended Series B round for its property monitoring solutions

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Minut, a Malmö-headquartered property monitoring company, has surged ahead in its trajectory with an additional $5 million boost from London-based venture capital firm Smedvig Capital. This extension has catapulted its Series B round to an impressive $20 million, consolidating support from a consortium of investors, including Almaz Capital, Zenith, Kompas, Karma, KPN Ventures, SOSV, Verve, and other existing backers. Specializing in enhancing the short-term rental (STR) space, Minut offers innovative hardware and software solutions that enable hosts and property managers to monitor properties, automate operations, and improve guest experiences. With the extended funding, Minut plans to intensify product development efforts, expand their team across Europe and the United States, and further their international expansion, aiming to introduce new features, particularly focusing on addressing concerns such as unauthorized parties and cigarette smoke in properties for both short-term rental hosts and hotels.

Minut is a tech company based in Sweden that specializes in creating tools for hosts and property managers to maintain peaceful and secure rental properties. Their flagship product, the Minut sensor, monitors different aspects like noise, occupancy, cigarette smoke, motion, and temperature in rental spaces. By providing this comprehensive monitoring system, Minut helps hosts prevent disruptive events like parties, improve the overall experience for guests, and protect their properties while being mindful of guest privacy. They also offer automation features and integrations that empower property managers to efficiently handle their operations, allowing them to grow their businesses while ensuring a smooth and hassle-free experience for both hosts and guests. Ultimately, Minut aims to support hosts in offering pleasant stays while ensuring safety and peace of mind for everyone involved in the rental experience.

Nils Mattisson, co-founder and CEO of Minut, said: “We’re excited to welcome Smedvig as new investors extending our Series B round to a total of $20 million. 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.”

Freddie Kalfayan, senior associate at Smedvig Capital, said, “We have known Nils for five-plus years and have been tracking the business closely over that time. Minut have 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 automations. 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.”

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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