Co-Living Startup Common Raises $7.3M in Series A
Common, the co-living startup and brainchild of General Assembly co-founder Brad Hargreaves, has raised $7.35M in Series A funding, led by Maveron. The round included Lowercase Capital, Slow Ventures and Dave McClure's 500 Startups. Common aims to provide short-term, dorm-like housing in hot Brooklyn neighborhoods for students and young professionals new to the city, The Real Deal reports. It will lease and manage entire walk-ups for 10 or 15 years, renting out individual rooms for $1,200 to $2k a month; and offer owners revenue-sharing lease options when possible. Hargreaves is hoping Common will succeed, where the recently shuttered co-living effort Campus failed, by working more closely with landlords and by focusing on the ever-changing hip markets of Bed-Stuy and Crown Heights rather than Midtown. Residents will get perks like WiFi, common areas (naturally), weekly cleaning and supplies. Common has one building under lease, is in talks over others, and won't "touch anything that has an occupant" or "anything that’s rent-stabilized," Hargreaves says. Funds from the round will also be devoted to hiring, software investment and preparing buildings for occupancy. [TRD]
