Coliving space provider and America’s leading residential brand that designs, leases, and manages multifamily properties, Common has raised US$ 50 million in Series D funding round.
The Series D funding was led by Kinnevik. Other participants included existing investors, Norwest Venture Partners, 8VC and Maveron.
With the funds raised, Common will continue to grow its multifamily operating platform and family of brands and a long-term oriented partnership with Kinnevik. Common has many institutional partnerships and over 17,600 residential units under development in 26 global cities.
Common is a residential brand and operating platform that designs leases and manages multifamily properties that appeal to today’s renters. It has a smart and tech-enabled property management system. Common’s properties are spread over eleven cities and around 3,300 members in coliving, microunit, and traditional apartments.
Common aims to provide a stress-free and all-inclusive living environment to its residents, and a trustworthy, reliable and profitable partner to the real estate owners.
In 2020, Common started managing Class A large-scale traditional multifamily buildings in Fort Lauderdale and Los Angeles through its institutional partnership with Nuveen Real Estate. Common is looking to expand into 26 cities across the world in the coming years.
Founder and CEO Brad Hargreaves
“Our partnership with Kinnevik will greatly accelerate our mission to create a better rental housing experience through thoughtful technology and intelligent design. As a passionate investor with a long-time horizon and strong customer empathy, Kinnevik is the right partner for this journey,” said Common Founder and CEO Brad Hargreaves.
This year, Common also introduced a new brand, Noah, that leverages technology and automation to improve returns and resident experience in workforce housing.
What investors have to say
“Rental expense represents the biggest share of spend for most millennials. Yet, the tenant experience is typically unreliable and inconsistent, and the housing market has seen limited innovation over the decades. We believe Common’s vertically integrated offering is a superior proposition for renters. Additionally, the mission-driven team culture and asset-light nature of the business model help set the foundation for a durable business. We look forward to helping Brad and the team build a consumer-centric living brand,” said Kinnevik CEO Georgi Ganev.
Kinnevik’s expertise in consumer behavior across multiple digital categories will help Common become the most-loved residential manager in the world.
Read next article here