Sweden-based startup Minut has received a $5 million extension in its Series B funding round, led by Smedvig Capital. The funding, which brings the total to $20 million, will enable Minut to further enhance its short-term rental monitoring solutions.
Expanding Strategic Partnerships
Having closed its Series B round in March 2022, Minut has attracted additional investment from Smedvig Capital, known for its expertise in Nordic and U.K. tech investments. The funding will support Minut’s strategic initiatives, including product development, market expansion, and talent acquisition.
Nils Mattison, Co-founder and CEO of Minut, expressed confidence in the synergy with Smedvig Capital, stating, “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.”
Innovation in Short-Term Rental Monitoring
Minut specializes in providing solutions for property managers and hosts to monitor short-term rental properties efficiently. The startup has introduced innovative features such as a sensor capable of detecting indoor and outdoor noise, along with a cigarette detection feature. These advancements cater to the evolving needs of property owners and managers.
The recent expansion into the hotel sector demonstrates Minut’s commitment to preventing smoking in unauthorized hotel rooms, showcasing its adaptability to diverse segments within the hospitality industry.
Recognition from Smedvig Capital
Freddie Kalfayan, Senior Associate at Smedvig Capital, expressed the firm’s longstanding interest in Minut, stating, “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.”
Kalfayan emphasized Minut’s exceptional product quality, customer satisfaction, and its evolution as a critical partner for operators. The funding extension aligns with Minut’s roadmap to enhance its role as a key “co-host,” facilitating exceptional guest experiences and operational efficiency for property managers.
As Minut secures additional funding, the startup is poised to fortify its position in the short-term rental monitoring market. The strategic partnership with Smedvig Capital provides not only financial support but also strategic guidance, reinforcing Minut’s trajectory to become a global leader in property monitoring solutions.
Minut’s commitment to innovation and responsiveness to market needs positions it as a frontrunner in the proptech sector, with potential implications for the broader hospitality and property management industries.