When it comes to the sectors most affected by the pandemic, one of the hardest hit is the co-living sector. Living with family during quarantine is one thing, but living with roommates is quite another. As people opt to live alone or back with family as a safety precaution, co-living platforms have had to struggle to keep up with the sharp decline in tenants.
Despite this, Common, a co-living startup, is still running a Series D funding round with a goal of $50 million.
Common CEO Brad Hargreaves, explained:
“In the early days of Common, we made an important choice to build a full-stack residential management platform that encompassed operating, leasing, design, and capital markets, rather than just an app.
“Building a full-stack management platform wasn’t an easy choice, but we saw that the entire residential operating system of property management and leasing was fundamentally broken, and fixing it would require replacing the entire system rather than putting a software patch on top.”
Hargreaves said that the company plans to use data to build better homes, expan its user base to new groups like remote workers, and enable seamless movement between cities while expanding into new markets.
Leaving the round was digital business investing company, Kinnevik, with participation from existing investors Maveron, 8VC, and Norwest Ventures Partners.