WE: Flexible Apartment Living Membership Company Landing closed a $125 million Series C funding round through a combination of new equity and debt financings.
The round was led by growth capital 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 new capital follows a “momentary” year for the company, which has seen a 380% increase in membership in the last 12 months, signaling strong and sustained interest in flexible living options across the United States.
Landing says it will use the funding to continue to expand its network of apartments to meet growing demand for an increasingly popular lifestyle.
Founded by Bill Smith in 2019, Landing aims to redefine the rental experience, removing the headaches of traditional rental and providing the modern renter with unparalleled freedom and flexibility. Inspired by his own frustrations with finding a suitable apartment while traveling from Birmingham to San Francisco to set up his former business, Shipt, Smith unveiled an ‘industry first’ membership model that is being put in place to fundamentally change the way people live.
The company offers move-in ready apartments with monthly leases and members can roam freely throughout their nationwide network with just two weeks 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 appealing than ever. With new funding and continued support from our capital partners, we are in a great position to continue redefining the future of life, one city at a time.
Today, Landing claims to have the “largest network of flexible, furnished apartments in the nation,” with more than 20,000 listings available in more than 375 U.S. cities. The positive momentum represents a significant market opportunity for Landing as consumers seek alternatives to the rigid and fragmented structure of the traditional rental experience – a trend that has rapidly gained popularity in recent years.
Since Landing’s inception, the global rental market has seen a surge in demand for more flexible rental options. Landing says it’s purpose-built to meet that demand by providing a consistent, quality life experience at an accessible cost.
Dave Schaller, Founding Partner of Delta-v Capital, said, “Landing defined a whole new class of living. Beyond the company’s impressive growth since launch, we are inspired by Bill Smith’s visionary approach to revolutionizing the rental experience and believe Landing is poised to continue leading the category for years to come. coming.
In 2021, Landing expanded to 33 new markets and saw an increase in bookings and demand from new members. It included a 230% increase in the number of year-over-year bookings booked directly on its platform.
Since 2019, members have spent more than 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 drew us to Landing in 2021. After a first year remarkable, we are proud to continue our partnership and are confident that Landing is well positioned to respond to the huge market opportunity for flexible living.
Landing the last funding round was in January 2021 when he secured a new $100 million investment, consisting of a $45 million Series B funding round and a $55 million credit facility. The company’s latest funding round brings its total funding to date to over $300 million.
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