Alabama-Based Landing Rolls Up $125M For ‘Flexible’ Apartment Living

Birmingham, Alabama-based Landing raised a $125 million Series C to expand its network of apartments across the country.

The raise is a mix of both debt and equity. Earlier this month, Forbes reported the company had raised $75 million in venture funding at a valuation of $475 million.

The round was led by Delta-v Capital and included participation from investors including Greycroft and Foundry.

Landing offers a subscription model for the rental experience. The company offers move-in ready apartments with monthly leases. Members can move throughout the company’s nationwide network of 20,000 available listings in more than 375 U.S. cities.

The idea was inspired from Founder Bill Smith’s own frustration of needing apartments while traveling between Birmingham and San Francisco when he was part of another startup.

“Flexible living is the future, and with Landing, we’re making the lifestyle more accessible and alluring than ever before,” said Smith in a release. “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.”

The company has shown some strong growth metrics. Forbes reported the company is projecting $200 million in revenue this year. In the past year, membership has increased 380%.

According to the company there have been more reservations booked in the Landing network already this year than all of 2021.

Sweet home

The round is particularly interesting as it was raised by an Alabama-based startup. The state is not known for its startup ecosystem, but Landing stands out. The company has now raised the two largest venture rounds in the state since being founded in 2019, according to Crunchbase.

The company also closed a $45 million Series B in January 2021.

Since the beginning of the year, Alabama-based startups have raised less than $200 million, per Crunchbase data.

Illustration: Dom Guzman

Learn More