Co-living company Ollie in talks to raise $50M+: sources

Startup in talks with student housing operator EdR, among others

New York /
Sep.September 28, 2018 05:30 PM

From left: Andrew and Chris Bledsoe, and 29-26 Northern Boulevard in Queens (Credit: Ollie and CityRealty)

Co-living startup Ollie is in talks to raise more than $50 million in a new venture funding round, according to sources familiar with the situation.

The company has held discussions with student housing operator EdR, along with other potential investors, according to a source. In a statement, Ollie said its “policy is not to comment on speculation about our fundraising activity.”

If the round closes, it could make Ollie the best-funded co-living company in the U.S. The startup, founded by brothers Christopher and Andrew Bledsoe, raised $15 million in a Series A round in January from Aviva Investors and the Moinian Group’s Currency M, among others.

Its competitors Common and Bungalow have raised more than $60 million and $14 million, respectively. WeWork has raised billions from investors, but co-living merely accounts for a fraction of its revenue.

Simon Baron Development’s Jonathan Simon and Matthew Baron are partners in Ollie. The development firm’s Long Island City rental tower at 29-22 Northern Boulevard includes 14 floors of co-living units managed by Ollie.

The co-living company also manages the micro-unit rental building Carmel Place in Kips Bay and is set to open another location at Jonathan Rose Companies’ 280 Ashland Place in Fort Greene.

Ollie also recently opened a new headquarters at the Moinian Group’s 450 Park Avenue South, where it signed a 5-year lease for a full floor.


Related Articles

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
arrow_forward_ios

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

Loading...