Landing, the newest venture of Shipt founder Bill Smith, has secured $125 million in Series C funding to support a major expansion of the platform that links members with short-term housing options in other cities.
Funding came through a mix of new equity and debt financing from new and existing investors, led by Delta-v Capital, with Greycroft and Foundry.
In announcing the investment, Landing said: “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.”
Bill Smith, a Birmingham serial entrepreneur who created grocery shopping and delivery service Shipt, founded Landing in 2019 after selling Shipt to Target.
The new company reflects Smith’s frustration with finding living space while traveling repeatedly between Birmingham and San Francisco. Landing members have access to furnished apartments around the country with monthly leases and the option to move with just two weeks’ notice. The firm has 20,000 units available in 375 U.S. cities.
“Flexible living is the future, and with Landing, we’re making the lifestyle more accessible and alluring than ever before,” said Smith. “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.”
Dave Schaller, a founding partner of funding leader Delta-v Capital, praised Landing, saying, “Landing has defined an entirely new category of living. 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.”
The rental membership platform moved into 33 new markets in 2021 and saw a 230% increase in bookings. “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,” the company said in announcing its new funding.