PayHOA Secures $27.5 Million in Series A
PayHOA, a Lexington, Kentucky-based startup offering software for self-managed homeowner associations (HOAs), secured a $27.5 million Series A funding.
PayHOA, a Lexington, Kentucky-based startup offering software for self-managed homeowner associations (HOAs), secured a $27.5 million Series A funding.
The startup also announced the launch of its Payables module, which expands the platform's capabilities and streamlines financial management for self-managed HOAs and property managers.
Investors
The round was led by Elephant, a prominent venture capital firm focused on the enterprise software, consumer internet, and mobile markets. It was founded in 2015 and is based in Boston, Massachusetts.
PayHOA Use of Funds
The company will use the funds towards product development and expanding the team. The investment will accelerate its mission of creating a unified platform for self-managed homeowner associations to consolidate accounting, payments, communication, and association management processes.
About PayHOA
Founded in 2018 by Mike Bollinger, PayHOA offers a homeowner's association (HOA) management software solution. The company’s platform provides a central hub for association board members to handle finances, maintenance requests, and communication with their communities. For self-managed communities, PayHOA offers an all-in-one management solution for roughly the same price as off-the-shelf software with a fraction of the features. The company operates on a subscription-based model and currently serves over 652,000 users across the United States and Puerto Rico.
Funding Details
Company: PayHOA, LLC
Raised: $27.5M
Round: Series A
Funding Month: May 2024
Lead Investors: Elephant
Additional Investors:
Company Website: https://www.payhoa.com/
Software Category: HOA Management
