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PayHOA, a Kentucky-based startup providing software solutions for self-managed homeowner associations (HOAs), has successfully closed a $27.5 million Series A funding round. Founded by Mike Bollinger, the company addresses the unique needs of volunteer-run HOAs, offering a centralized platform for financial management, maintenance requests, and community communication. This funding round, led by Elephant Ventures, marks a significant milestone for PayHOA, which has experienced rapid growth and profitability since its inception in 2018.
The decision to seek external investment comes as PayHOA reaches a pivotal moment in its growth trajectory. With a demonstrated product-market fit and robust revenue growth of over 70% year-over-year, the company plans to utilize the new capital primarily for product development and expanding its team. Notably, PayHOA has already processed over $1.6 billion in invoices and serves more than 652,000 users, reflecting the widespread demand for its services within the self-managed HOA market.
Looking ahead, PayHOA remains focused on enhancing its offerings within community management, while also exploring opportunities to serve property management companies. The introduction of a new Payables module, leveraging Optical Character Recognition (OCR) technology, underscores the company’s commitment to innovation and addressing evolving customer needs.
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By Proptechbuzz
By Ravi Kumar
