US: Flexible apartment living membership company Landing has closed a $125 million Series C round through a combination of new equity and debt financings.
The round was led by growth equity firm Delta-v Capital with participation from new and existing investors, including Greycroft and Foundry. JP Morgan Securities LLC acted as sole placement agent on the financing.
The fresh capital follows a “momentous” year for the company, 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.
Landing says that it will use the funding to continue expanding its network of apartments in order to meet the growing demand for the increasingly popular lifestyle.
Founded by Bill Smith in 2019, Landing aims to redefine the rental experience, removing the headaches of traditional leasing and offering the modern renter unmatched freedom and flexibility. Inspired by his own frustrations finding a suitable apartment while travelling between Birmingham and San Francisco to build his previous company, Shipt, Smith unveiled an “industry-first” membership model that is set up to fundamentally change the way people live.
The company offers move-in ready apartments with monthly leases and members can move freely throughout their nationwide network with only a two-week notice.
Bill Smith, founder and CEO of Landing, said: “Flexible living is the future, and with Landing, we’re making the lifestyle more accessible and alluring than ever before. With new funding and the continued support of our capital partners, we’re in an excellent position to continue redefining the future of living, one city at a time.”
Today, Landing 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. The positive momentum represents a significant market opportunity for Landing as consumers seek alternatives to the rigid and fragmented structure of the traditional renting experience – a trend that has rapidly increased in popularity in recent years.
Since Landing’s founding, the global rental market has seen steep increases in demand for more flexible renting options. Landing says that it is purpose-built to meet this demand by delivering a consistent, quality living experience at an accessible cost.
Dave Schaller, a founding partner of Delta-v Capital, said: “Landing has defined an entirely new category of living. Beyond the company’s impressive growth since launch, we’re inspired by Bill Smith’s visionary approach to revolutionising the rental experience and believe Landing is poised to continue leading the category forward for years to come.”
In 2021, Landing expanded into 33 new markets and experienced upticks in both reservations and new member demand. It included a 230 per cent increase in the number of year-over-year reservations booked directly on its platform.
Since 2019, members have spent over 2.4 million nights in a Landing apartment. So far in 2022, there have been more reservations booked in the network than all of 2021, according to the company.
Chris Moody, partner at Foundry, said: “Bill’s exceptional leadership and proven track record of introducing better solutions to common problems is what first attracted us to Landing in 2021. After a remarkable first year, we’re proud to continue our partnership and are confident that Landing is well-positioned to meet the massive market opportunity for flexible living.”
Landing’s last funding round came in January 2021 when it secured $100 million in new investment, made up of a $45 million Series B round and a $55 million debt facility. The company’s latest round takes its total funding to date to more than $300 million.