Membership-based flexible leasing startup Landing announced a $100 million funding round and expansion into additional markets on Tuesday.
The funding round included a $45 million Series B round led by Foundry Group, which also included participation from Greycroft and Maveron, as well as a $55 million debt facility.
Over the course of the pandemic, the company has seen an explosion of demand as renters have expressed a desire to relocate at a moment’s notice amidst the uncertainty of the pandemic. That demand enabled Landing to more than double its original 2020 expansion goals.
Now the company has grown its market share to provide flexible leasing options to members across 75 U.S. cities and more than 10,000 apartments.
Bill Smith
“Landing is fundamentally changing how people are able to live,” Bill Smith, CEO and founder of Landing, said in a statement. “The demand for more dynamic living experiences will continue to grow as work becomes more flexible and people have more freedom to work remotely. With this new funding and the support of our incredible venture partners, Landing will continue to lead the industry into the future of living — one that we believe is a simple, seamless experience that empowers people with freedom and flexibility.”
Landing launched in six U.S. cities in November 2019. As of August 2020, it had expanded into 11 new markets and hired on three new executives with backgrounds in similar travel or hospitality-based companies, including WeWork and Airbnb. Since its launch, the company has raised a total of $180 million in funding.
“Bill has a keen eye for recognizing when industries are on the cusp of innovation, and the tide was no different with Landing,” Chris Moody, a partner at Foundry Group, said in a statement. “The growing need for more nimble living solutions is clear and Landing’s unique offering fills a massive opportunity in the market.”
