Roofstock Merges With Mynd, Offers Steep Discount On Series MM Round

On May 31st, 2024, Roofstock, a Prime Unicorn Index Component last valued at $1.8 billion, authorized a new Series MM round at $9.12 PPPS, which marks a 69.07% decrease from the Series E price of $29.49. 

This comes along with a June 3rd announcement of a merger with Mynd, another tech-enabled company in the real estate and property management market. The merger will give investors access to a powerful technology platform, in-depth data insights, and property management services that combine what both companies already offer.

Roofstock is a real estate investment platform that specializes in single-family rental homes, offering detailed property information and financial performance data. The company provides a marketplace for buying and selling rental properties, as well as management services for day-to-day operations. Roofstock aims to make the real estate investment process more accessible and efficient for both individual and institutional investors. 

The Series E round in March 2022 raised $240 million at the previously mentioned $29.49 preferred price per share. The new Series MM price will see the pre-money valuation slashed to $423.31 million, putting Roofstock at risk of falling out of the Prime Unicorn Index, but with the merger announcement this is subject to change.

Roofstock has raised $370.25 million in total with investments from Citi Ventures, Bain Capital Ventures, Khosla Ventures, Lightspeed Venture Partners, SVB Capital, and Canvas Venture Fund, among others.