Property Meld, Rapid City SaaS company and leading property management maintenance software, announced a $15 million Series B funding round led by Frontier Growth, a growth equity firm focused on high-growth software businesses. Additional investors include Vesta Ventures, South Dakota Equity Partners, and Badlands Capital.
As a leading provider of property maintenance software with over 650 customers and over 450,000 rental units across North America, Property Meld helps property managers optimize their maintenance process while also improving scheduling, billing, and communication with residents and maintenance vendors. As a result, Property Meld customers enjoy reduced maintenance costs and increased satisfaction from all stakeholders in the maintenance process. Last year alone, Property Meld facilitated 1.7 million maintenance requests and $550M in maintenance repairs, and the company forecasts significant growth in 2023.
“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. “We find ourselves in the fortunate situation of growing and developing our teams in a recession-proof industry. To facilitate the continued innovation in our product, we will need to double in size over the next twelve months. This growth will impact Rapid City’s Innovation District.”
“Since opening their office in Rapid City in 2017, Property Meld has generated impressive growth that has helped shape the Innovation District, says Tom Johnson, CEO of Elevate Rapid City. “Property Meld’s success sheds light on Rapid City’s potential to harbor innovation and entrepreneurship. Property Meld is becoming one of the fastest-growing PropTech companies in the U.S. and paving the way for startups to root themselves in Rapid City.
“We are here to create opportunity in Rapid City, so the local talent doesn’t have to choose between opportunity and location,” says Autumn Hughes, Director of People of Property Meld. “With the help of Elevate Rapid City’s relocation grants, market research center, and gap funding, we have shown what can be accomplished when the right ideas meet the proper execution. We are excited for the opportunity to provide new career paths and development for local talent while becoming a beacon to attract new talent to Rapid City.”
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About Property Meld
Founded in 2015, Property Meld is a stand-alone maintenance software platform for property management companies to optimize their maintenance process. Property management companies experience maintenance scheduling, communication, coordination, billing, and oversight friction. In response, Property Meld provides a solution that significantly reduces maintenance costs and increases satisfaction for all stakeholders in the maintenance process. Learn more at www.PropertyMeld.com.
