Flexible apartment company Landing has secured $100 million in new funding, a commitment that underscores the bet both investors and consumers are making on this particular model in the wake of COVID-19.
Landing's $45 million Series B round was led by Foundry Group with participation by Greycroft and Maveron, alongside a $55 million debt facility. The fresh capital will allow the company to continue expanding its burgeoning network of apartments to new markets across the US, Landing said in a statement.
When it launched in 2019, the company—based in Birmingham, Ala., and San Francisco—planned to operate its membership-based living model in about 30 cities, CEO Bill Smith told The Wall Street Journal recently. But since the COVID-19 pandemic began last March in the US, Landing more than doubled its expansion plans for the year and surpassed 10,000 apartments in 75 cities.
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