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

Startup in talks with student housing operator EdR, among others

TRD 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.

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