BIRMINGHAM, Ala., Aug. 25, 2022 (GLOBE NEWSWIRE) -- Today Landing, the company behind the first membership for flexible apartment living, announced the closing of a $125M Series C through a combination of new equity and debt financings. The round was led by Delta-v Capital with participation from new and existing investors, including Greycroft and Foundry. J.P. Morgan Securities LLC acted as Sole Placement Agent on the financing.
The fresh capital follows a momentous year for the company, which saw a 380% membership increase in the past year, signaling strong, sustained interest in flexible living options nationwide. Landing will use the funding to continue expanding its network of apartments to meet the growing demand for this emerging lifestyle.
Founded by Bill Smith in 2019, Landing redefines the rental experience, removing the headaches of traditional leasing and offering the modern renter unmatched freedom and flexibility. Inspired by his own frustrations finding a suitable apartment while traveling between Birmingham and San Francisco to build his previous company, Shipt, Smith unveiled an industry-first membership model that fundamentally changes the way people live. Landing offers move-in ready apartments with monthly leases and members can move freely throughout their nationwide network 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. “With new funding and the continued support of our capital partners, we’re in an excellent position to continue redefining the future of living, one city at a time.”
Today, Landing has the largest network of flexible, furnished apartments in the nation, with over 20,000 available listings across more than 375 U.S. cities. The positive momentum represents a massive market opportunity as consumers seek alternatives to the rigid and fragmented structure of the traditional renting experience, a trend that’s rapidly increased in popularity in recent years.
Since Landing’s founding, the global rental market has seen steep increases in demand for more flexible renting options. Landing is purpose-built to deliver a consistent, quality living experience at an accessible cost, coast to coast.
“Landing has defined an entirely new category of living,” said Dave Schaller, a founding partner of Delta-v Capital who leads the Wellness and Lifestyle Tech Practice. “Beyond the company’s impressive growth since launch, we’re inspired by Bill Smith’s visionary approach to revolutionizing the rental experience and believe Landing is poised to continue leading the category forward for years to come.”
In 2021, Landing expanded into 33 new markets and experienced massive upticks in reservations and new member demand, including a 230% increase in the number of reservations booked directly on its platform year over year, validating the company’s leading role in the growing flexible living category. Since its founding, members have spent over 2.4 million nights in a Landing apartment. So far in 2022, there have been more reservations booked in the Landing network than all of 2021.
“Bill’s exceptional leadership and proven track record of introducing better solutions to common problems is what first attracted us to Landing in 2021,” explained Chris Moody, Partner at Foundry. “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.”
For more information about Landing or to explore apartments in a city near you, visit https://www.hellolanding.com.
About Landing
Landing is changing the way people live. It offers its members an industry-first all-inclusive, flexible living experience via a subscription. Members have access to a network of carefully curated furnished apartments with an on-call concierge service and a host of additional amenities. Landing apartments are currently available in more than 375 cities across the United States and growing. The company was founded in 2019 by Bill Smith. For more information, visit www.hellolanding.com.
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