The membership-based flexible living startup Landing has clinched a new round of funding as it seeks to build on large-scale growth throughout 2022.
The company secured a $125 million round of series C funding led by Delta-v Capital along with new and existing investors through a combination of new equity and debt financings, the company announced Thursday.
The new capital comes amid a spurt of aggressive growth from the company, which claims to have seen its membership increase 380 percent over the past year, though it has not disclosed exact membership numbers. The funding will go toward expanding its network of apartments, according to Landing.
“Flexible living is the future, and with Landing, we’re making the lifestyle more accessible and alluring than ever before,” Landing CEO and founder Bill Smith said. “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.”
Landing was founded in 2019 by Smith, a serial entrepreneur who founded the grocery delivery service Shipt and sold it to Target for $550 million. The business gives members access to a network of furnished apartments in 375 cities across the United States, which they can access with monthly leases on only a two-week notice.
The company is betting on an ever-increasing demand for flexible living spaces in the rental market. Smith has said he was inspired by his difficulties in locating a decent apartment while traveling between Birmingham, Alabama, and San Francisco to build Shipt.
“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,” Dave Schaller, founding partner at Delta-v Capita, said in a statement.
The concept of flexible living has garnered more attention in recent weeks after the announcement that former WeWork CEO Adam Neumann had raised approximately $350 million from the Silicon Valley venture capital firm Andreessen Horowitz. The round brought Neumann’s residential venture, Flow, to a $1 billion valuation before even launching.