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
From left: Attorney General of New York Letitia James and Bungalow CEO Andrew Collins (Getty Images, Bungalow, YouTube/Terminal)
Residents accuse co-living startup Bungalow of housing “scam”
Residents accuse co-living startup Bungalow of housing “scam”
Brad Hargreaves (left) and Karlene Holloman (Common)
Common founder Brad Hargreaves to step down as CEO
Common founder Brad Hargreaves to step down as CEO
Brad Hargreaves, CEO, Common Living (Common Living, iStock)
Co-living firm Common barraged by complaints: report
Co-living firm Common barraged by complaints: report
Reza Merchant and 555 Broadway (Google Maps, LinkedIn)
The Collective unloads Williamsburg dev site to avoid foreclosure
The Collective unloads Williamsburg dev site to avoid foreclosure
Cohabs' CEO Youri Dauber and James Grasso (Twitter, LinkedIn)
European co-living company Cohabs plans $50M NYC expansion
European co-living company Cohabs plans $50M NYC expansion
Common’s CEO Brad Hargreaves (right) and Starcity’s co-founder and CEO Jon Dishotsky (Photos via iStock, General Assembly)
Common takes over Starcity’s co-living portfolio
Common takes over Starcity’s co-living portfolio
Common CEO Brad Hargreaves, Simon Baron Development president Matthew Baron and ALTA. (ALTA, General Assembly, Simon Baron)
Common takes over operations at Simon Baron’s LIC co-living tower
Common takes over operations at Simon Baron’s LIC co-living tower
Asher Abehsera and Jonathon Yormak with 2400-2500 North Miami Avenue (Google Maps)
LIVWRK in contract to buy Wynwood assemblage from East End Capital
LIVWRK in contract to buy Wynwood assemblage from East End Capital
arrow_forward_ios

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

Loading...