We're thrilled to announce that we've closed Series B funding. We will use the new investment to grow even faster, accelerating our pace of innovation in property tech and services for the entire travel industry.
March 29, 2022
We’re welcoming spring with an injection of energy and $14M in venture capital, bringing our total funding to $25M. The past few years brought rapid growth for Minut, as well as the short-term rental industry as a whole - currently valued at 100 billion annually. We will use the new investment to grow even faster, accelerating our pace of innovation in property tech and services for the entire travel industry.
Our focus has always been on making short-term rental work better for everyone: hosts, guests and neighbors alike. We have built a comprehensive monitoring service that caters to the needs of the entire STR community - from hosts simply sharing their homes with travelers to the largest of STR enterprises worldwide. We will now build on this foundation with features and services for new and existing markets - so stay tuned as we break new ground with our upcoming releases throughout this year and beyond!
In the past three years, the way we travel has changed dramatically. Fewer of us travel for business and more of us opt for longer stays as we combine work and vacation. We want to live like locals, wherever we go. That means eating local food, buying from local businesses and staying in local neighborhoods.
“The rise of flexible working accelerated changes to how we live and travel. People want to experience the world like locals. They want to be guests, not tourists. This is the future of travel. Short-term rentals were best positioned to adapt, but we believe the whole hospitality market will follow suit. Minut facilitates this transition.” - says Nils Mattisson, Co-founder and CEO of Minut
The arrival of travelers can breathe new life into communities, giving rise to both material and cultural exchange. However, it can also lead to tensions when travelers are unaware of local customs and rules. Minut makes sure the stay goes smoothly for everyone involved; keeping hosts informed, guests aware, and communities peaceful.
Unauthorized parties and overcrowding are posing a particularly difficult challenge for the STR industry. We’ve been seeing increased calls for a more sustainable model from hosts, guests, locals and even governments. Minut, along with industry leaders like Airbnb, is rising to the challenge. “Airbnb is actively promoting responsible and sustainable tourism. Minut’s solution supports Hosts on Airbnb in their efforts to promote trust and safety in their homes and in communities” says Vladimír Beroun, Senior Public Policy Manager at Airbnb.
“We’ve developed unique technology that provides insight from inside the accommodation while respecting guest privacy. Minut data on noise, occupancy and other key events empowers hosts, PMs, and Operations teams of all sizes. With Minut, not only can they host more responsibly, but also manage smarter.” - Nils Mattisson
At Minut, we see ourselves in the role of a co-host that cares for homes, guests and communities. The Minut sensor monitors noise, occupancy, motion and temperature in rental properties. That means we can help hosts prevent unauthorized parties, crowding and damage; and protect neighbors’ peace and quiet at the same time. We also help property managers make sure that the guests have a wonderful stay.
The Future of Travel
“We took the pandemic-era downturn in travel as an opportunity to develop our product offering when our competitors hit the brakes. We have become the only player on the market offering comprehensive property monitoring, setting the stage for expanded service offerings in the near future. Our rapidly-growing customer base shows that property managers share our vision, with tens of thousands of hosts relying on Minut every single day.” - Nils Mattisson
We see the future of STR in tech that works with the PMs to create the best possible experience for both guests and neighbors: “Some of the biggest players on the market - like US-based Kasa - are already pioneering tech-enabled hospitality. With time, it’ll be the only way to run a competitive business in this sphere,” says Nils Mattisson.
Kasa’s mission is to create a global accommodations brand that is indispensable to property owners, beloved by guests, and desired by residents. “Minut has played a vital role in helping us deliver an automated tech-enabled hospitality experience,” said Yvette Romero, Director of Strategic Product Initiatives at Kasa.
Minut’s ever-expanding offering of automations, integrations, and services has played a key role in powering the rapid growth of our customers. Our most recent innovation is the Minut Responsive Service, the first STR responder service on the UK market. And there are many more to come!
Our work over the past few years has primed us to become a must for a harmonious stay, and an integral part of the short-term rental experience.
“We’re proud to support the sustainable growth of STR. We will also now turn our attention to the broader hospitality market. As hotels are converted into aparthotels and the industry converges to welcome travelers rather than tourists, we will be there to facilitate a smooth transition. We will continue bringing Minut to new countries and innovation to new and existing customers. Together, we will shape the future of travel.” - Nils Mattisson
The Minut Team
The Minut journey started in 2014, with four ambitious engineers and a vision for privacy-safe security (more about that here.) This foundation remains unshaken 8 years later. But we’re now a much bigger team with even more ambitious plans.
We’ve already started scaling our team, and are eager to welcome new colleagues. If you want to work in tech and like a challenge, check out our Careers page.
We couldn’t end this announcement in any other way than with a thank you.
Thank you to our investors for continuing to support our development with your resources and invaluable advice.
Thank you to our partners and our whole Minut community for constantly pushing the industry forward and letting us be part of this journey with you.
Finally, thank you to our customers for all the trust you put in us every day, inviting us into your homes. We’re committed to excel in our mission to be the best co-host that every PM and host out there can have. If you have any feedback on how we can do better, we’d love to hear from you!