US: Apartment rental and coliving company Common has raised $50 million in series D funding to expand its residential management division.
Kinnevik, one of Common’s long-term partners, led this funding round, which included participation from existing investors including Norwest Venture Partners, 8VC and Maveron.
Common has launched Noah, a technology and automation company that focuses on improving returns and the resident experience in workforce housing. The series D funding will allow the company to continue to build out its technology and to expand into more traditional apartment properties with Kinnevik facilitating a push into Europe next year.
This most recent series D funding round is part of Common’s strategy to develop a presence outside of the coliving space.
While it began as a coliving operator, this year, the firm transitioned into a residential operations, adding large-scale traditional multifamily buildings in Fort Lauderdale and Los Angeles to its portfolio.
The company has more than 17,600 residential units under development in 26 cities. This year it will open a second headquarters office in Atlanta, which will be larger than its New York headquarters. Currently, the firm’s portfolio is around a third traditional apartments and two-thirds coliving space.
In total, Common has secured $110 million in venture capital to accelerate its growth plans.
