Short-term rental monitoring solution startup Minut has received an extension of $5 million in funding for its Series B round that closed in March 2022 to bring the total to $20 million. The new funding comes from Smedvig Capital.
“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 U.K. tech investments,” said Nils Mattison, co-founder and CEO of Minut.
“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.”
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Sweden-based Minut, which helps property managers and hosts to monitor their properties and automate workflows, plans to use the investment to fund product initiatives.
During 2023, Minut introduced two new features including a sensor that can detect noise indoors and outdoors along with a cigarette detection feature. And the company recently expanded to hotels in an effort to prevent smoking in hotels rooms in which it is not authorized.
Freddie Kalfayan, senior associate at Smedvig Capital, said that the firm has been following Minut’s journey for more than a half decade.
“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 automations,” Kalfayan said.
“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.”