Co-living startup Common finalizing new venture round: sources

Lead investor said to be venture capital firm Norwest Venture Partners

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

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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.