If you don’t know the name Quarters, you will soon. On Tuesday, the company announced it has raised a massive $300 million funding round to fuel international expansion for its chain of co-living spaces.
The funding was spearheaded by Quarters’ parent company, the Berlin-based Medici Living Group, as well as Ralph Winter’s W5 Group.
In a statement issued to Built In NYC, Medici Living CEO and founder Gunther Schmidt explained the deal, saying, “This new round of investment cements Quarters as one of the top players in the U.S. co-living space. With more than $1.4 billion for our European and U.S. expansions, we are well on our way to becoming the WeWork of co-living in 2019.”
The $300 million is expected to be spread out over the course of three years, with its principal role being the development of 1,300 Quarters living spaces across the United States.
Presently, Quarters calls New York, Chicago and Berlin home. Throughout 2019, the company expects to announce spaces in Austin, Boston, Denver, Los Angeles, Miami, Philadelphia, San Francisco, Seattle and Washington D.C.
This new round of investment cements Quarters as one of the top players in the U.S. co-living space.”
The principal investors are expected to play key roles in the development of these sites: Medici Living Group will spearhead the design and daily operations of the spaces, while W5 Group will take care of investment, development and asset management. As Ralph Winter of W5 Group explained in a statement, the Quarters sites are designed and operated with a focus on young professionals.
“The concept of co-living is perfectly tailored to the needs and desires of millennials, the most important demographic group over the next decade, so we anticipate rapid growth in the coming years,” said Winter. “Now is the best time to secure a strong position within the co-living market and greatly benefit from economies of scale.”
Scaling back to the NYC tech scene, this investment undoubtedly represents the largest funding round of the year to date.
The real question remains: Will any other company be able to best Quarters’ $300 million in the year’s remaining 350 days?
