Starcity, a San Francisco, CA-based community-based living startup, raised $1M in funding.
Prophit Investments, a real estate investment group, focusing on investments in neighborhoods that offer current, medium and long term positive economic and demographic growth, made the investment.
The company will use the funds to develop the boutique multifamily building at 1854 McAllister Street into a 10-unit Starcity community in the NOPA neighborhood of San Francisco.
Founded in 2016 by CEO Jon Dishotsky, Chief Product Officer Mo Sakrani, CTO Josh Lehman and COO Jesse Suarez, Starcity converts underutilized multi-family, hotel, and office buildings to residential co-living properties, adding to a city’s housing stock without displacing current residents. The company currently owns and manages four properties throughout San Francisco, with nine more communities under development. The company has raised more than $20M in venture financing in the last 18 months from investors including Bullpen Capital, NEA, Social Capital and Y Combinator, and has deals with institutional real estate partners to participate as investors in some of their larger properties.
Starcity employs 28 people in San Francisco, CA.