San Francisco: Landing, the company advocating flexible renting membership for long-term living, has announced that it has secured $30 million in new funding: a $20 million Series A led by Greycroft with participation by Maveron and Abstract Ventures, alongside a $10 million debt facility.
Additionally, the company is also announcing its expansion to three new markets in the United States. With the influx of capital and steadily rising market demand, Landing will leverage the new funds to continue its rapid expansion to additional U.S. markets and beyond this year.
Since formally launching in November 2019, Landing has brought its flexible living solution to nine cities across Landing’s network of furnished apartments. In November, it announced it had launched in five more U.S. cities: Nashville, Austin, New York, Los Angeles and Birmingham.
Offering bespoke furniture, designed to be both functional and stylish, to a kitchen stocked with essentials and an on-call concierge service, Landing members receive access to turn-key apartments.
Landing CEO and founder, Bill Smith, said: “The dynamics of renting have been essentially unchanged for decades, and innovation and new models are what’s needed to meet the lifestyles of a new generation of workers.
“We’re seeing a growing mobile workforce in need of more flexible living solutions that empower them to embrace opportunities as they arise – no matter where they’re located on the map. Landing is the first company addressing this and taking charge of reshaping how people will live in the future,” he added.
The $20 million Series A round is led by Greycroft with participation by Maveron and Abstract Ventures.
The company also secured an additional $10 million in debt, bringing total funding to $45 million. The investors, which bring expertise and a track record of backing major brands focused on enhanced consumer experiences, will be instrumental in supporting Landing’s continued expansion, bringing its contemporary living solution to new markets.
Greycroft co-founder and partner, Ian Sigalow, said: “People’s needs for living are changing – they want to balance flexibility, stability, and quality. Until now, no other company has offered a flexible living membership experience, and Landing is poised to become a key driver of change within the real estate industry.
“We backed Bill in his former company, Shipt, and believe in his ability to execute on this massive market opportunity,” he added.
Maveron co-founder and partner, Dan Levitan, said: “Every consumer-facing industry has experienced massive transformation over the last few years, driven by changing expectations around convenience and experience, yet real estate has struggled to evolve to meet the needs of today’s renters.
“Landing is offering a new living experience built entirely around quality, convenience, and flexibility. Bill’s proven success creating premier consumer businesses, such as Shipt, brings us great confidence in his ability to introduce and scale an exceptional product to the market, breathing new life into the real estate industry and setting leading-edge innovation into motion,” he added.
With the expansion into Washington, DC, Chicago, and Boston, Landing is currently available in ninemarkets in the United States.
To develop offerings in each market, the company works directly with property managers and apartment owners within each city to offer Landing apartments in conveniently located neighbourhoods with easy access to public transportation, shopping and more.
By the end of 2020, Landing plans to be offering apartments to its members in 30 cities
For more information, visit the Landing website here.