Dallas startup Modern Message plans to leverage its first institutional capital, a $2 million Series A round of funding, to grow its team and apartment engagement platform.
The investment from San Francisco-based Axa Strategic Ventures, which manages $275 million in seed and early stage venture capital, will help the Dallas startup hire 12 people and roll out new features. Modern Message’s platform allows apartment complexes larger than 100 units to engage with their residents via a community rewards program. The company, which operates in 48 states in the U.S. and in Canada, generated $2.8 million in sales last year, ending the year with about 1,400 apartment properties engaged in the platform. It expects to rake in up to $5 million in revenue this year and is now serving nearly 2,000 properties with its platform.
“The industry is really embracing it, so we see a lot of growth coming,” said John Hinckley, CEO and co-founder of Modern Message.
The raise will help the company hire employees across product development, marketing, sales, and research and development departments. The company currently employs 28 people at its headquarters at St. Paul Place in downtown Dallas. With the additional employees, Modern Message is aiming to expand its product to countries across the globe. The workforce will also help the company add new offers to the platform like discounts from local companies based on resident engagement and resident-to-resident communication.
The company, which charges customers a monthly subscription fee, most recently rolled out a custom incentives program, which allows apartment management to reward its residents with electronic gift cards. It also recently expanded its footprint from 2,000 square feet to 5,000 square feet, occupying half of the 12th floor of the building. Modern Message was founded in 2012 by Hinckley and Michael Ivey, who serves as chief operating officer.