AROUND THE NETWORK: Proptech Startup Mezo Closes $6 Million Seed Round Funding

Chicago-based BuiltWorlds Member Mezo announced earlier this month that it has closed a $6 million seed round to further build its AI aimed at improving renters’ experience and reducing the operating costs of single, multifamily and student housing maintenance. Founded to make one-trip resolution possible for all home maintenance needs, Mezo gives property operators unprecedented transparency into their maintenance operations by empowering residents to clearly articulate their issues and enabling technicians to arrive prepared. This transparency not only improves the resident experience, but makes employees more efficient, unlocks the ability to centralize operations, and gives greater spend control.

Mezo’s seed round was co-led by fellow BuiltWorlds member Building Ventures with Chicago Ventures, and included participation from The 81 Collection, as well as angel investors.

Mezo’s technology currently serves more than 70,000 residents of Single Family Rental (SFR), Multi-Family Rental and Student Housing properties owned and operated by customers including: Mynd Management, Tricap Residential, WFI Investments, Darwin Homes, and others. Today, Mezo integrates with real estate platforms such as Entrata and Source7 and continues to expand partnerships with others.

“Despite being the largest controllable cost center for rental property owners, residential maintenance remains a black box,” said co-founder and CEO Mike Travalini. “Renters often struggle to accurately articulate what is wrong, like identifying a ‘broken toilet’, when a technician needs more information to assess with certainty that it is actually a ‘bad flapper valve.’ This subtle difference wastes resources in the form of unprepared workers who show up lacking the parts needed to make the fix, requiring additional time and cost. Mezo makes one trip resolution possible for all home maintenance needs.”

Mezo’s launch comes at a time when rising interest rates drive more renters into the housing market, technician shortages and an aging maintenance professional population isn’t being replenished. As a result, leading property operators across single-family, multi-family, and student housing environments are strategizing how to centralize their most vital resources. To do so, operators are seeking technology solutions to find greater efficiencies and cost savings while delivering satisfying resident experiences.

“In today’s economic climate, there’s a heightened urgency to cut costs while maintaining a positive experience,” said Heather Widman, partner at Building Ventures and a member of Mezo’s board of directors. “Mezo can save residential real estate owners valuable time and money by introducing the visibility and responsiveness currently lacking from property maintenance operations.”

We will be talking about all things Venture-related and more at our upcoming Venture West Conference in San Francisco, CA on March 20-22, 2023. BuiltWorlds Venture Conference has been the world’s premier conference focused on venture investing in construction and built environment-related emerging technology. Leading fund investors, strategic investors, and startups gather each year to take the pulse of the industry’s startup ecosystem at the BuiltWorlds Venture Conference. Hope to see you there!

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ABOUT AROUND THE NETWORK BRIEFS:

BuiltWorlds “Around the Network” Briefings offer BuiltWorlds Members an opportunity to keep the Community informed of their own initiatives, resource offerings, and other things they are excited to share about or collaborate around. We generally pull these posts as “highlights” from Member Company Pages, Innovation Exchange Posts, and other places our members share with us what they are up to.

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BuiltWorlds is the buildings and infrastructure industry’s leading professional network for open innovation, keeping companies in the worlds of engineering, construction and related fields informed and connected, and helping them find avenues to collaborate for their own strategic success and for the betterment of the industry, as whole. For more information about BuiltWorlds, visit the BuiltWorlds Network  or sign up for the BuiltWorlds Newsletter to stay connected to the Community for free.