Under the deal, Mynd will merge into the Roofstock corporate entity while continuing its property management operations under the Mynd brand, according to a joint news release. Gary Beasley, Roofstock’s co-founder and CEO, will remain as CEO, while Doug Brien, Mynd’s co-founder and CEO, will take on the role of president of Roofstock.
“By bringing together our complementary capabilities into one platform, we will achieve greater scale and provide enhanced value to our customers,” Beasley said in a statement. “Doug and I share a vision for technology-enabled and data-driven investing and management that will solidify Roofstock as a premier end-to-end solution for SFR investors.”
In 2021, Mynd won a $5 billion mandate from Invesco Real Estate to purchase about 20,000 single-family rental homes in the U.S. over the next three years, according to a Bloomberg report.
“Gary and I are both confident that the SFR market is poised for exponential growth, much like the multi-family sector before it,” Brien said in a statement. “Our combined platform will support this acceleration by enabling SFR investments with the same level of confidence and precision expected in other asset classes.”
Since its inception, Mynd has raised a total of $204.9 million across nine funding rounds. In addition to the $5 billion deal in 2021, Invesco also led a $40 million financing round that valued Mynd at about $300 million, Bloomberg reported. Meanwhile, Roofstock was valued at nearly $2 billion in 2022.
The deal reunites Brien and Beasley, who previously collaborated to build Waypoint Homes, an early aggregator of single-family rentals that was eventually integrated into Invitation Homes.
Beasley was a 2020 HousingWire Vanguard while Brien was chosen as 2022 HW Tech Trendsetter. Roofstock earned a spot on last year’s Inc. 5000 list of the fastest-growing companies in the U.S. Mynd expanded its business operations in 2019 with its acquisition of investment management platform HomeUnion.