The Real Deal – Co-living startup Ollie is in talks to raise more than $50 million in a new venture funding round, according to sources familiar with the situation.
The company has held discussions with student housing operator EdR, along with other potential investors, according to a source. In a statement, Ollie said its “policy is not to comment on speculation about our fundraising activity.”
If the round closes, it could make Ollie the best-funded co-living company in the U.S. The startup, founded by brothers Christopher and Andrew Bledsoe, raised $15 million in a Series A round in January from Aviva Investors and the Moinian Group’s Currency M, among others.
Its competitors Common and Bungalow have raised more than $60 million and $14 million, respectively. WeWork has raised billions from investors, but co-living merely accounts for a fraction of its revenue.
Simon Baron Development’s Jonathan Simon and Matthew Baron are partners in Ollie. The development firm’s Long Island City rental tower at 29-22 Northern Boulevard includes 14 floors of co-living units managed by Ollie.
The co-living company also manages the micro-unit rental building Carmel Place in Kips Bay and is set to open another location at Jonathan Rose Companies’ 280 Ashland Place in Fort Greene.
Ollie also recently opened a new headquarters at the Moinian Group’s 450 Park Avenue South, where it signed a 5-year lease for a full floor.