December 2023. Smedvig Capital has invested $5m in short-term rental property monitoring leader Minut, raising the total of the Series B round to $20m. Smedvig joins Almaz Capital, Zenith, Kompas, Karma, KPN Ventures, SOSV, Verve, and other existing investors.
Following a successful year of rapid growth and exciting product enhancements, Minut seized the opportunity to extend the funding round, allowing the business to double down on product development and drive international expansion, increasing the team across Europe and the USA.
To date, Minut has focused on the $100bn+ (and growing) short-term rental (STR) space, enabling hosts and property managers to monitor their properties and automate various aspects of STR operations and workflows through their innovative hardware and software offering. The STR space is becoming increasingly professionalized, and Minut helps to create great guest experiences, drive operational efficiency, and support the community.
This investment will be channeled by the Minut team to fund multiple product initiatives that will benefit their large portfolio of clients, hosts, and property managers alike. Having recently expanded their offering to hotels worldwide with the aim of preventing unauthorized cigarette smoke in hotel rooms, Minut is taking steady steps towards achieving its mission to make the hospitality industry a better place for everyone.
This year, Minut launched two new game-changing features; a new generation sensor that can monitor noise both indoors and outdoors, as well as their new Cigarette detection feature that can detect cigarette smoke in properties. By building new features and working on strengthening relationships with its partners, Minut is blazing the trail towards a safer, more conscious hospitality industry. In a market where hosts often feel overwhelmed by unauthorized parties and cigarette smoke in their properties and where hotel managers report that the most common complaint they receive is related to cigarette smoke, Minut now has a large opportunity to become the global leader providing monitoring in places where privacy needs to be protected.
Why Minut and why now?
- Minut is the global leader in monitoring for short-term rentals and can leverage this leadership into adjacent verticals.
- Minut has an exciting roadmap and vision to become a critical “co-host” to their customers.
- Minut’s brilliant product-focused team boasts a track record of developing high-quality hardware and software and expanding the product at pace.
- The company has achieved strong growth across a broad mix of customer profiles and geographies with low churn and best-in-class net revenue retention.
Nils Mattison, Co-Founder and CEO of Minut, commented:
“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, added:
“We have known Nils for 5+ 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.”