Ollie, the US-based operator of a range of co-living spaces, has closed its first funding in a $15m series A round co-led by a subsidiary of insurance group Aviva.
Aviva Investors Real Estate Capital Global Co-Investment Fund co-led the round with state government-owned pension find Employees Retirement System of Texas. It included Currency M, the venture capital arm of property developer Moinian Group, and angel investor Justin Mateen.
Founded in 2011, Ollie operates co-living housing spaces in the US cities of New York and Pittsburgh that combine small-space design with all-inclusive, hotel-style services and activities for residents.
The company plans to launch what it describes as the largest “ground-up” co-living development in the country, in Long Island City, New York, later this year, and expects to open properties in Boston, Los Angeles and New Jersey in 2019.
Russ Bates, head of global indirect real estate in the Americas for Aviva Investors, said: “We completed extensive research and diligence of co-living companies, ultimately finding Ollie.
“The Ollie team is well-suited to be a premier operator for institutional quality assets through their pairing of design, technology and community atmospheres.”
– Image courtesy of Ollie.