New York-based Common, a community that offers shared housing in major cities, has raised $7.35 million in Series A funding. Maveron led the round with participation from other investors that included Lowercase Capital and Slow Ventures. In addition to the funding, Jason Stoffer, general partner at Maveron, has been added to Common’s board.
NEW YORK – July 16, 2015 – Common, a new community offering flexible shared housing in major cities, today announced it has closed a $7.35 million Series A financing led by Maveron with participation from Lowercase Capital, Slow Ventures, Dave McClure and several individual investors. Jason Stoffer, general partner at Maveron, has joined the company’s board.
Launched in early 2015, Common offers secure, flexible and inviting places for people to live in major cities and eliminates the traditional method of verifying applicants that excludes many qualified individuals from being able to sign leases. For example, in order to sign a lease in New York, tenants typically need 40x the rent in income and two years of tax returns demonstrating that income. With Common, residents rent space by the bedroom, limiting their financial exposure and making the residence more affordable.
Common manages all aspects of the experience—from a seamless application process to weekly cleaning service to community events—and provides a robust suite of in-home benefits, including:
• Furnished space with kitchenware and basics covered
• Super-fast Wi-Fi throughout the building
• Regular deliveries of shared supplies such as coffee, tea and paper towels
• Weekly cleanings in the bedrooms and common areas
• Fun, warm, inviting communal areas and community events
• Month-to-month memberships
Common partners with real estate developers and investors to purchase whole vacant buildings, providing partners with a stable, market-rate income stream while removing the hassles of leasing, property management, and tenant relations.
“There is an unavoidable housing crisis in large cities like New York, which is growing by almost 100,000 people annually, yet only 15,000 new housing units are added each year. Common is providing a sustainable solution to this problem,” said Brad Hargreaves, founder and CEO, Common. “We have a team of some of the best partners to help us execute from Maveron, whom I have worked with for years, and I have a deep respect for their expertise in building lasting consumer experiences.”
“Brad is a visionary entrepreneur when it comes to reimagining how people learn and live and we are proud to have the opportunity to partner with him again,” said Jason Stoffer, general partner, Maveron. “With Common, Brad is transforming finding a place to live, which is traditionally a source and pain and stress, into a delightful consumer experience.”
Common is a community offering flexible shared housing that makes it easy for people to find a place to live in major cities. Buildings a selective network of housing communities in top U.S. cities, Common connects vetted members with secure, flexible and inviting places to live within communities of their peers. Headquartered in New York, Common was founded in early 2015.