Under the agreement, Mynd will merge into Roofstock Corporation while continuing its property management operations under the Mynd brand, according to a joint news release. Roofstock co-founder and CEO Gary Beasley will remain as CEO, and Mynd co-founder and CEO Doug Brien will become Roofstock’s president.
“By combining complementary capabilities into one platform, we will be able to achieve greater scale and deliver enhanced value to our customers,” Beasley said in a statement. “Doug and I share a vision for technology-enabled, data-driven investing and management that solidifies Roofstock as the best end-to-end solution for SFR investors.”
In 2021, Mynd won a $5 billion mandate from the United States. Invesco Real Estate The company plans to buy about 20,000 single-family rental homes in the U.S. over the next three years, according to Bloomberg. report.
“Gary and I both believe that the SFR market, like the multifamily sector before it, is poised for exponential growth,” Brien said in a statement. “Our integrated platform supports this acceleration by enabling SFR investing with the same level of confidence and precision expected in other asset classes.”
Since its founding, Mynd has raised a total of $204.9 million in nine funding rounds. In addition to the $5 billion deal in 2021, Invesco also led a $40 million funding round that valued Mynd at about $300 million, according to a Bloomberg report. Meanwhile, Roofstock was valued at nearly $2 billion in 2022.
The deal reunites Brien and Beasley, who previously collaborated on development. waypoint homean early aggregator of single-family rentals and eventually invitation housing.
Beasley was named a 2020 HousingWire Vanguard and Brien was named a 2022 HW Tech Trendsetter. Last year, Roofstock was named to the Inc. 5000 list of America’s fastest-growing companies. Mynd expanded its business operations in 2019 with the acquisition of an investment management platform home union.