Common Raises $50 Million Led by Kinnevik to Expand Residential Management Platform Globally
With over $110 million in venture capital funding to date, the company accelerates the development of its leading residential operating platform and brands
Common will take the tech-driven operational approach it has perfected with coliving to the rest of the multifamily industry
New York, September 22, 2020 — Common, the nation’s leading residential brand that designs, leases, and manages multifamily properties that appeal to today’s renters, today announced a $50 million Series D funding round led by Kinnevik and with participation from existing investors including Norwest Venture Partners, 8VC and Maveron. With proven institutional partnerships and over 17,600 residential units under development in 26 global cities, Common will continue to grow its multifamily operating platform and family of brands with new funding and a trusted, long-term oriented partner in Kinnevik.
Common has seen tremendous growth in the past year by taking the tech-driven platform they have built around coliving, and applying it to all segments of the residential industry including different unit types, target renters, and brands. In 2020, the brand began managing Class A large-scale traditional multifamily buildings in Fort Lauderdale and Los Angeles through its institutional partnership with Nuveen Real Estate. Earlier this year, Common introduced a new brand, Noah, that leverages technology and automation to improve returns and resident experience in workforce housing, which represents more than half of US multifamily real estate. Common has been increasingly partnering with public sector groups through new initiatives including launching the Remote Work Hub in August, a new work/live development, and winning ShareNYC at the end of 2019, an initiative to create affordable housing in NYC through coliving. Through its Series D funding, Common will build on this strong momentum and grow well beyond its original coliving product, into a robust, global residential operating platform.
“Our partnership with Kinnevik will greatly accelerate our mission to create a better rental housing experience through thoughtful technology and intelligent design,” said Common Founder and CEO Brad Hargreaves. “Over the past five years, Common has grown from a small coliving operator to one of the fastest-growing residential brands in the United States with over 17,500 units under construction. As a passionate investor with a long time horizon and strong customer empathy, Kinnevik is the right partner for this journey.”
Kinnevik will bring their deep expertise in consumer behavior across multiple digital categories to help Common become the most-loved residential manager in the world. Additionally, Kinnevik is well-placed to support the company’s expansion into its home European market in 2021 and beyond. As of today, Kinnevik Investment Manager Akhil Chainwala will be joining Common’s Board of Directors.
“Rental expense represents the biggest share of spend for most millennials. Yet, the tenant experience is typically unreliable and inconsistent, and the housing market has seen limited innovation over decades,” said Kinnevik CEO Georgi Ganev. “We believe Common’s vertically integrated offering is a superior proposition for renters. Additionally, the mission-driven team culture and asset-light nature of the business model help set the foundation for a durable business. We look forward to helping Brad and the team build a consumer-centric living brand.”
Common expects to have over 6,000 units under management by the end of 2020. Of the current over 17,500 units under development, one-third are traditional, two-thirds are coliving. Later in 2020, Common will open its second headquarters in Atlanta, where it expects the majority of its workforce to call home. Additional new investors in the Series D round include Wilshire Lane Partners, a prominent venture firm that specializes in real estate strategic partnerships, and Hanaco, a venture capital fund that invests in promising emerging startups.
For more information visit Common.com.
Common is the leading residential brand and operating platform that designs, leases, and manages multifamily properties that appeal to today’s renters. Through smart design and tech-enabled property management, Common delivers exceptional experiences across eleven cities and over 3,300 members in coliving, microunit, and traditional apartments. We are the preferred choice for both residents looking for a stress-free and all-inclusive living environment from a trusted brand, and for real estate owners seeking reliable, above-market returns. The Common platform also includes workforce housing management brand Noah and family-first urban designer and operator Kin. With over 17,500 units signed and under development and over $110 million in venture capital investment, Common is expanding into 26 cities across the world. To work with us, visit our partners page or follow us on instagram at @common.living.
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Western Europe, the Nordics, the US, and selectively in other markets. In the US, we are significant shareholders in pioneering companies including Livongo, Betterment, VillageMD, Bread and Cedar. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.