Smedvig Capital join Minut Series B round investing $5m to capitalise on strong growth
Summary
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. Minuts 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 Mattisson, Co-Founder and CEO of Minut, commented: Were 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.