PayHOA Secures $27.5M in Series A Funding to Enhance HOA Management Software

PayHOA, a comprehensive management software for homeowner associations (HOAs), recently completed a $27.5 million Series A funding round led by Elephant. This investment marks the first external financial backing for the company. Incorporating a new Payables module utilizing Optical Character Recognition technology, the platform now offers streamlined financial management for self-managed HOAs and property managers.

Founded in 2018, PayHOA serves over 622,000 homeowners in the United States and Puerto Rico. With a large percentage of U.S. community associations opting to self-manage, PayHOA addresses the demand for efficient and integrated managerial tools. The platform simplifies processes by centralizing tasks such as accounting, payment processing, and communications.

The new funding aims to enhance product features and support company growth. PayHOA plans to expand its workforce by 40% within the next year, focusing on development, sales, and marketing to enhance its offerings, including new functionalities like amenity scheduling and voting.

Mike Bollinger, founder and CEO of PayHOA, emphasized the platform’s role in facilitating community management by providing a unified and user-friendly solution for HOAs. Additionally, the recently launched Payables module simplifies transactions and reduces manual entry for financial management, contributing to more efficient community operations.