Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

Greycroft led the funding round, with participation from Maveron and Abstract Ventures

Chicago /
Feb.February 06, 2020 08:00 AM
Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Landing CEO & founder Bill Smith and one of Landing’s apartments at 30 E. Adams St.

Landing, a San Francisco-based apartment leasing platform, has raised $20 million in a funding round as it expands to three new cities, including Chicago.

Greycroft led the $20 million Series A funding round, with participation from Maveron and Abstract Ventures. In addition to the Series A funding, Landing received $10 million in a debt facility.

The company started with $15 million from CEO and founder Bill Smith in June, bringing the total to $35 million in funding so far.

Landing offers long-term yet flexible membership-based leasing across its network of fully-furnished studio, one- and two-bedroom apartments. Annual memberships cost $199, in addition to monthly rent.

In the company’s early days, it signed leases with building owners, furnished the units, and then sublet them to tenants. Now it’s partnering with building owners under more of a management model and sharing revenue with them.

When it publicly launched in November, Landing started in six cities: Austin; Birmingham, Alabama; Los Angeles; Nashville; New York; and San Francisco. Now it’s available in nine cities with the expansion into Chicago, Washington, D.C. and Boston.

Landing typically focuses on newer Class A buildings in urban markets.

In Chicago, it’s currently offering units in five buildings in the River North and the Central, West and South Loops, with monthly rents starting at more than $2,000, according to the website. The buildings are Cedar Street Companies’ Alfred at 30 E. Adams Street, Russland Capital Group’s 1407 Michigan Avenue, MetLife’s 215 West Washington, Cedar Street’s Ardus at 676 N. LaSalle Drive, and LaSalle Investment Management’s JeffJack Apartments at 601 W. Jackson Blvd.

With the infusion of capital, Landing plans to grow its presence to 30 cities by the end of 2020.

Chicago has been a hotbed for real estate technology startups in recent years. Several of those prop tech companies even started in Chicago, including property management system Livly, which was launched nearly a year ago by Cedar Street Companies and Flats Chicago founder Alex Samoylovich.

Other firms like master lease co-living startup Bungalow, which is also based in San Francisco and provides a similar product, have also expanded in Chicago. Shortly after raising $14 million in a Series A funding round, Bungalow choose Chicago as its eighth market at the end of 2018.


Related Articles

arrow_forward_ios
Novak Construction Company founder John Novak and 162 North State Street (Novak; Google Maps)
Novak Construction founder eyes opportunity in struggling retail market
Novak Construction founder eyes opportunity in struggling retail market
Chicago's 105 West Adams Street (iStock, Wikimedia Commons)
Loop office tower faces foreclosure after conversion fails
Loop office tower faces foreclosure after conversion fails
1247-1249 W. Madison Street (Photos via @properties)
Dwelle Properties pays $33M for West Loop mixed-use complex
Dwelle Properties pays $33M for West Loop mixed-use complex
65 E. Wacker Place (Credit: Google Maps)
Facing possible default, Loop office building hits market
Facing possible default, Loop office building hits market
211 N Harbor Dr in Lakshore East (Redfin; iStock)
Supply glut may set downtown home market back a year
Supply glut may set downtown home market back a year
401 S. State Street (Credit: Google Maps)
Or best offer: Facing default, Loop office building hits market
Or best offer: Facing default, Loop office building hits market
320 South Plymouth Court (Credit: Google Maps)
On the brink, Standard Club lists its historic Loop property for sale
On the brink, Standard Club lists its historic Loop property for sale
SEC chair Jay Clayton (Credit: Getty Images)
SEC investigating financially troubled housing nonprofit
SEC investigating financially troubled housing nonprofit
arrow_forward_ios

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

Loading...