Property Meld Announces $15M Series B Funding Led by Frontier Growth
With over 650 customers managing over 450,000 units, Property Meld is growing rapidly as the leading property maintenance software platform in the industry. To aid in our effort of continued growth and expansion, Property Meld has secured a $15 million series B funding round led by Frontier Growth. Frontier Growth is a growth equity firm focused on high-growth software businesses. Vesta Ventures, South Dakota Equity Partners, and Badlands Capital were also investors as part of this series B funding. This raise brings our funding to a combined $22 million that will support the continued growth of our team and our product so we can continue to provide our customers incomparable value.
“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.”