Today we are thrilled to announce that Common has closed a $16M Series B investment and will expand to San Francisco and Washington, DC by the end of the year. We are very excited about our new partners on this journey: 8VC; Circle Ventures, the technology arm of the Milstein Family; LeFrak; Solon Mack Capital; Ron Burkle’s Inevitable Ventures; and Wolfswood Partners.
We opened our first home in Brooklyn in October. Since then, the amount of interest we’ve seen from prospective residents – we’ve received over 5,000 applications since our opening – and real estate partners has been incredible and inspiring. To that end, we are committed to helping more people live in community by expanding into additional neighborhoods and cities.
As Common grows, we continue to think about residential housing in a new way: as a consumer product, not just a financial asset. From our onboarding process to member communication to how we measure our success – by keeping member Net Promoter Score high and churn low – we’re rethinking how to create best-in-class places for people to live.
None of this happens in a vacuum. We would not be in a position to create a better kind of community housing without our real estate partners – owners and developers who bet on us early and continue supporting today. By working with Common as an operator and manager of their buildings, our partners have enabled happier residents and better real estate returns.
While we’re excited by the success we’ve seen to date, we are building a long-term business, a company that can exist for generations to come. One thing the real estate industry has gotten right is its long-term perspective, and we don’t intend to reinvent that part. To that end, I am pleased that some of New York’s most respected and longest-standing real estate groups have joined in on the Common journey. We are thrilled to be here but we have much left to do, and this is just the beginning.