Co-living startup Common raises $16M from LeFrak et al.

Solon Mack and Milstein family’s Circle Ventures also invested in Series B round

New York /
Jun.June 15, 2016 09:30 AM

UPDATED, June 15, 12:52 p.m.: Co-living startup Common raised $16 million in a new venture funding round that included firms with ties to the LeFrak, Mack and Milstein families.

Investment firm 8VC led the funding round. The Milstein Family’s Circle Ventures, Solon Mack Capital, the leFrak Organization, Maveron, Lowercase Capital, Slow Ventures and Pierre Lamond also chipped in.

Common, founded by Brad Hargreaves in 2015, rents entire apartment buildings and then sublets rooms in shared units. It currently operates two buildings in Crown Heights and one in Williamsburg, and plans to expand to more New York City locations as well as San Francisco and Washington D.C. by the end of the year. A third Crown Heights location is scheduled to open in July, Hargreaves said.

The company had previously raised $7.35 million in a Series A round.

Hargreaves told The Real Deal that it will spend the bulk of the newly raised money on developing technology that will allow Common members to better communicate with each other – for example to schedule and coordinate events.

He added that Common has no plans to partner with the LeFraks, Macks or Milsteins on real estate deals for now, but wants to tap into their “immense expertise” to help grow its business.

Correction: a previous version of this post omitted Common’s second Crown Heights location and incorrectly claimed that Common rooms are rented out on a month-to-month basis. The minimum stay is, in fact, 90 days.


Related Articles

arrow_forward_ios
Rui Barros, former head of Quarters in the U.S. and Esther Bahne, CEO of Quarters. (Getty, LinkedIn via Rui Barros, Quarters)
How Quarters’ $300M US expansion ended in bankruptcy
How Quarters’ $300M US expansion ended in bankruptcy
Quarters CEO Rui Barros (Linkedin)
Quarters, the “WeWork of co-living,” files for bankruptcy
Quarters, the “WeWork of co-living,” files for bankruptcy
Starcity CEO Jon Dishotsky, Ollie President Gregg Christiansen and Long Island City's Alta Tower (LinkedIn, Alta LIC via Facebook, iStock)
Starcity scoops up co-living rival Ollie’s assets
Starcity scoops up co-living rival Ollie’s assets
Common CEO Brad Hargreaves (iStock; Common)
Repositioning resi: Common’s Brad Hargreaves on the future of co-living and prepping for a WFH world
Repositioning resi: Common’s Brad Hargreaves on the future of co-living and prepping for a WFH world
Alicia Glen and Common CEO Brad Hargreaves (Glen via MSquared; Hargreaves via Common)
Common names Alicia Glen to board
Common names Alicia Glen to board
Brad Hargreaves (Photo by Francesco Sapienza; iStock)
Common raises $50M, eyes housing for remote workers
Common raises $50M, eyes housing for remote workers
Quarters CEO Rui Barros and 251 DeKalb Avenue in Brooklyn (Credit: Linkedin and Google Maps)
“Schoolyard-style” dispute between landlord and co-living firm
“Schoolyard-style” dispute between landlord and co-living firm
The co-living industry has thousands of units in the pipeline. Industry leaders are predicting a tough year ahead (Pixabay)
Co-living execs offer glimpse at occupancy rates
Co-living execs offer glimpse at occupancy rates
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...