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Landing closes $125M for membership-based rental network

Landing will use the funding to expand its membership-based apartment network.

Landing, a proptech company that provides flexible apartment living through a membership model, today announced closing a $125M Series C led by the growth equity firm Delta-v Capital, according to a press release shared with FinLedger. 

The funding included a combination of new equity and debt financing, and also included participation from investors Greycroft and Foundry. J.P. Morgan Securities LLC acted as the Sole Placement Agent on the financing.

The company claims the funding follows a 380% increase in membership over the past year, and says it will use the capital to expand its apartment network. It also noted a 230% year-over-year (YoY) increase in direct bookings for reservations on its platform.

Landing says it has observed an increase in people’s demands for flexible living options, breaking away from traditional renting, and wants to meet that growing demand in the sector. It accomplishes this through its apartment network, which it provides through membership-based access, and month-to-month leases that enable users to change apartments with only a two-week notice.

“Flexible living is the future, and with Landing, we’re making the lifestyle more accessible and alluring than ever before,” said Bill Smith, founder and chief executive officer of Landing, in the statement.

Founded in 2019, Landing was created following Smith’s frustrations with finding an apartment while traveling between Birmingham and San Francisco, while building his previous company Shipt. 

Smith added that new funding from Landing’s capital partners will help in expanding the business in other cities, with its portfolio today including more than 20,000 listings across 375 American cities. The company says this includes its expansion into 33 new markets 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,” explained Chris Moody, partner at Foundry, which previously invested in Landing in 2021.

In other recent proptech news, Atlas Real Estate, an investment brokerage and property management company reached $2.5 billion in assets under its management. SquareFoot, a commercial real estate brokerage in the office space industry, appointed Michael Colacino as its CEO.

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