Common, a US-based co-living space letting service company backed by real estate developer LeFrak, has raised $50m in a series D round led by investment firm Kinnevik.
8VC, Hanaco, Maveron, Norwest Venture Partners (NVP) and Wilshire Lane Partners filled out the round.
Founded in 2015 as Common Living, the company operates a property management platform that enables potential tenants to identify affordable housing options in large cities, including house sharing, microunits and conventional flats. It has more than 3,300 members and 17,500 housing units, covering 11 US cities.
The series D cash will be used to expand the company’s product offerings to include remote work-centred housing and to increase its presence in other countries.
Common has raised over $110m in equity funding, having most recently secured $40m in a series C round in 2017 that was led by NVP.
LeFrak took part in the company’s $16m series B round in 2016 that featured 8VC, Circle Ventures, Inevitable Ventures, Solon Mack Capital and Wolfswood Partners, which followed a Maveron-led $7.4m series A round that included 500 Startups, Lowercase Capital, Slow Ventures and assorted angel investors the year before.
Common founder and chief executive Brad Hargreaves said: “Over the past five years, Common has grown from a small co-living operator to one of the fastest-growing residential brands in the United States with over 17,500 units under construction.”
