US: Flexible apartment living membership company Landing has announced a reorganisation of its operations, which will see more 110 jobs cut in the United States, while another 70 employees will be relocated to different locations around the country.
It comes less than two months after the firm closed a $125 million Series C round through a combination of new equity and debt financings, which was led by growth equity firm Delta-v Capital. A number of new and existing investors also participated, including Greycroft and Foundry.
It is believed that the reorganisation took place over the last month although employees have only this week been informed of the layoffs.
In a letter shared by CEO Bill Smith to Forbes, he wrote: “We will support those impacted through their career transitions with generous severance and benefits, extended exercise window for vested equity, and the appropriate support to help them land their next role.”
Earlier this year, Landing began piloting a new field-based service model called Mission Control in select markets across the United States. According to the company, the model aims to create a “more personal, convenient flexible living experience for members and property partners across the country”, at a time when the global rental market has seen steep increases in demand for more flexible renting options.
Founded in 2019, Landing now claims to have the “largest network of flexible, furnished apartments in the nation”, with over 20,000 available listings across more than 375 US cities.
Last year, the company moved its corporate headquarters from San Francisco to Birmingham, Alabama, with the aim to create 816 new full-time jobs in the ‘Magic City’.
Despite the fallout from the pandemic, Landing experienced what it called a “momentous year”, which saw a 380 per cent membership increase over the past 12 months, signalling strong, sustained interest in flexible living options across the United States.
The company is seeking to redefine the rental experience, removing the headaches of traditional leasing and offering the modern renter unmatched freedom and flexibility. It offers move-in ready apartments with monthly leases and members can move freely throughout their nationwide network with only a two-week notice.
At the time of its most recent funding round in August, Landing said that it would use the funding to continue expanding its network of apartments in order to meet the growing demand for the increasingly popular lifestyle.
A company statement read: “This decision was not easy, and we are deeply grateful to the team that helped us achieve all that we have over the past three years. We are confident that these organisational changes will best position the company for success and long-term growth.”
To date, Landing has raised more than $300 million in funding, and follows the likes of AvantStay, Sonder, WanderJaunt and Casai in announcing extensive job cuts this year despite only recently securing funding.