Coliving company Common has just raised $16 million in funding lead by real estate powerhouses Milstein, LeFrak and Mack.
Common, which offers a network of fully-furnished, community-minded residences, raised the Series B money from 8VC, with new participation from Circle Ventures, the technology arm of the Milstein Family, LeFrak, Solon Mack Capital, Ron Burkle’s Inevitable Ventures and Wolfswood Partners.
In addition, existing investors including Maveron, Lowercase Capital, Slow Ventures and Pierre Lamond are contributing to the round.
The company also announced that it will expand to San Francisco and Washington D.C. by the end of 2016.
“We’re extremely grateful to have the support of 8VC and our other investment partners, including some of the most esteemed real estate groups in New York,” said Brad Hargreaves, founder and CEO of Common.
“In the year since we first opened, we have seen a strong demand for convenient, furnished shared housing, especially in major cities that are continuing to grow yet struggle to provide adequate housing for the increasing population. Common is ready to expand our community by welcoming members in San Francisco and Washington D.C. later this year.”
Following its launch in early 2015, Common has opened three coliving buildings in Brooklyn and has received more than 5,000 member applications.
When identifying new locations, Common partners with property owners to find vacant buildings or ground-up development sites. Potential residents apply online, and are screened, background-checked and interviewed. Common offers planned and member-led events that bring people together, and members also have the ability to transition from one location to another at any point during their membership.
Prices at Common’s three Brooklyn buildings start at $1,340-$1800 per month with a minimum stay of 90 days.
“We meet with a lot of teams who are trying to bring innovation to the real estate industry, and Brad and his team at Common are truly special,” said Michael Milstein, partner at Circle Ventures.
“The Common team is bringing a unique combination of skill and experience to a vast opportunity, and we look forward to helping them change the face of residential real estate as they extend their reach beyond New York, to San Francisco, Washington D.C. and beyond.”