LoveSpace, a U.K.-based startup business specializing in valet self-storage services, has raised more than £1.5 million through the online crowdfunding platform Crowdcube. With less than two weeks left in its campaign, the company has exceeded its goal of £600,000, receiving support from 239 investors. LoveSpace will use the money to fund marketing efforts, a warehouse move and an expansion of its vehicle fleet, according to the source.
The company plans to hold an institutional round of investment at the end of the year, seeking to raise more than an additional £2 million. LoveSpace needs £500,000 in funding to break even and will use the remaining £1.5 million to fund international expansion, the source reported.
During the equity campaign, investors who contribute £25,000 or more will receive shares with full voting rights. Those who invest less than £25,000 will receive shares with no voting rights or pre-emption, according to the source. The largest single investment during the current round is £250,000.
LoveSpace officials indicated on Crowdcube that they planned to exit the business in 2017. Company chairman Brett Akker was co-founder of the car-for-hire club Streetcar, which sold to U.S. competitor ZipCar in 2010 for £32 million.
LoveSpace launched last November in partnership with property-management company Mainstay Group, which manages more than 35,000 buildings across the United Kingdom. The business targets consumers who do not have enough items to fill a small storage unit but want to temporarily store some belongings. It enables customers to store by the bin and offers pickup and delivery services.