Co-living startup Common finalizing new venture round: sources

Lead investor said to be venture capital firm Norwest Venture Partners

New York /
Dec.December 08, 2017 03:35 PM

Brad Hargreaves and Common Herkimer in Crown Heights (Credit: Common)

Common is raising about $40 million in a new funding round, according to sources close to the co-living company.

It wasn’t immediately clear whether the funding has closed yet. The company declined to comment.

According to one source briefed on the fundraising, the lead investor is Norwest Venture Partners, a Palo Alto-based venture capital firm that has invested in startups such as mattress company Casper and home-selling platform OpenDoor. A representative for Norwest did not respond to requests for comment.

Last June, Common raised $16 million from a Series B round led by 8VC. The LeFrak, Mack and Milstein real estate families were also investors.

The New York-based firm, founded by Brad Hargreaves in 2015, rents out rooms in furnished, shared apartments on flexible lease terms, has been adding locations at a rapid clip. In December, it opened its largest co-living space to-date at Adam America Real Estate’s 69-unit apartment building 595 Baltic Street in Boerum Hill. In June, it expanded to Ridgewood, Queens.

Common’s competitors include Ollie, backed by Simon Baron Development, and WeWork, which operates a WeLive co-living space at 110 Wall Street.

The new round, when it closes, would bring Common’s total funding to more than $60 million.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
(iStock)

Mortgage requests surge ahead of Thanksgiving

Mortgage requests surge ahead of Thanksgiving
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)

Vanke seeks to remove RFR from Midtown condo project

Vanke seeks to remove RFR from Midtown condo project
Hippo founders Assaf Wand and Eyal Navon (LinkedIn)

Home insurance startup Hippo raises $350M

Home insurance startup Hippo raises $350M
Prices increased 6.6 percent year-over-year in September (iStock)

US home prices surged 6.6% in September

US home prices surged 6.6% in September
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
176 North 6th Street and 16 South Portland Avenue in Brooklyn (StreetEasy; Google Maps)

Brooklyn luxury market surges with nearly $73M in contracts

Brooklyn luxury market surges with nearly $73M in contracts
arrow_forward_ios

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

Loading...