Dear Mynd community, friends and family,
At this time of year, I can’t help but reflect on the past 12 months and marvel at how far we’ve come.
The Mynd platform is now a true one-stop-shop for every step of the real estate investing process. For investors looking to begin building their portfolio, or those looking to expand, we’ve made the process easier than ever. That same seamless approach has been applied to our institutional investing relationships as well.
This year, we expanded into new markets, bringing the Mynd experience to homeowners and residents across the country. As of this month, we’re active in 25 cities and managing over 10,000 homes.
Our team continues to grow and thrive. We now have an incredibly talented group of folks working for Mynd in New York City too. In early 2022, we’re looking forward to opening a 200+ person office in Phoenix.
As a remote-first company we’ve been working to master the virtual experience for every member of our team, particularly amidst the uncertainty of our world today. This focus has allowed us to prioritize a flexible and comfortable work environment for our team, and recruit more “A-players” anywhere in the world.
That list includes our Chief Real Estate Officer, David Zanaty, who came to us from Opendoor, and our Chief Financial Officer, Garret Albert, who joined us from digital disruptor One Medical.
This summer, we announced our partnership with Invesco, which propelled the institutional investing side of the business forward in a significant way. Invesco funded a $40 million round and has pledged $5 billion dollars over the next three years to invest in single family homes through Mynd.
In September, we partnered with QED Investors, the premier venture capitalist firm in the fintech space, known for their successful portfolio of companies, including Credit Karma, GetGround, HouseCanary, Klarna, Nubank and SoFi. When QED invested $57.3 million in Mynd, we joined this list of forward-thinking companies that are backed by QED’s deep industry expertise.
With these two investments, Mynd officially became the most well-capitalized investment company in the single-family residential (SFR) market, and gained affirmation that our technology platform is the market leader.
Through all of this rapid growth, we’ve remained committed to our culture and mission. Last month we were recognized with the “Best Places to Work” certification and we were shortlisted by The San Francisco Business Times as one of the fastest-growing private companies in the Bay Area for the second year in a row. We were sixth fastest in the Bay Area and first in the East Bay.
Riding that momentum, in the new year we’ll be sharing our ESG strategy to help our clients reduce their carbon footprint, along with other initiatives to improve the lives of our employees and the communities we operate in. My co-founder, Colin Wiel, and I will publish our first book, The Big Long. And I’m thrilled to share that we’ll also be offering a new investing program for Mynd employees, so they can truly walk the walk of what it means to be an intentional investor.
We remain committed to providing high quality rental homes across the U.S., and look forward to welcoming a new generation of real estate investors onto the platform in 2022.
Our expectation is that prices and rents will continue to climb in 2022, though probably at a slower rate than in 2021. With all the money the Fed has printed, inflation will likely continue to run hot, and we know real estate is a good hedge against inflation. So we think it’s still an opportune time for our clients, and our colleagues, to invest in the SFR sector to build generational wealth, and Mynd stands ready to serve as a guide on the journey.
We are so grateful for all that we’ve accomplished this year. Thank you to our customers, residents and extended network for helping us make 2021 such a success.
Wishing you a very happy holiday season and best wishes for 2022.
Doug Brien, Co-founder & CEO