Common, which operates co-living homes, has raised $40 million Series C investment round led by Norwest Venture Partners.
In October 2015, Common opened its first co-living home in Brooklyn. Since then, it has expanded to 14 homes across 5 major cities. There are nine homes in NYC all in Brooklyn. Common says it has over 400+ members representing 27 different nationalities, with 70% of members moving to a new city for the first time, and 32% of members hailing from overseas.
Common offers private suites with shared living spaces so residents can enjoy social aspects of living together.
Common membership helps solve all the difficulties of city living; membership includes rent, all utilities, WiFi, weekly cleaning of shared spaces, furnished apartments, flexible lease terms, and seamless transfers between the homes and cities in our network. By doing this, Common is providing cities with a new type of housing through adaptive reuse and ground-up developments specifically designed for roommates.
The company says it has seen strong interest from renters — receiving over 1,000 applicants per week and over 70% of Common members on 12-month leases renew each year.
Common is opening a new home in the Crown Heights neighborhood of Brooklyn with move-in available in January. Rooms start at $1,500 per month.
The company said it plans to use the new investment to grow and expand.