New York-based co-living company kicked off the New Year announcing a $40 million Series C funding round led by Norwest Venture Partners.
The deal brings Common’s total funding raised to $63.35 million over the past three years.
Jeff Crowe, managing partner at Norwest Venture Partners, has also joined Common’s board of directors.
The funding will be used to continue Common’s expansion in new and existing markets and meet the demand for co-living the company said it is experiencing.
“Across the country, young professionals are living in cities for longer and later into their lives, and co-living has emerged as their choice for a better, more flexible way to live with roommates in cities and access a built-in community,” said Common in a press release announcing the funding.
Common operates 14 homes in New York, San Francisco, Oakland, Chicago and Washington, DC. It says it
receives 1,000 applications a week for membership.
During the past year, Harriman Capital, a private equity firm, announced a $15 million equity investment to develop four new co-living properties in New York and Los Angeles, to be managed by Common.
Common’s $16 million Series B round in 2016 was led by investments from prominent real estate families, including Milstein, LeFrak, and Mack
Brad Hargreaves, Common co-founder, has said he want to grown the company into a global brand.