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Valet Self-Storage Firm Closetbox Completes $5.5M Round of Funding

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Closetbox Inc., a startup business specializing in valet self-storage services, raised $5.5 million in a funding round that ended March 22. The round was led by Boulder Ventures, which has invested previously, according to the source. Closetbox will use the money to fuel further expansion and product development, CEO Marcus Mollman said.

The valet-storage operator has raised $12.3 million in three funding rounds, including a $5 million infusion from 16 investors last year. The company has used the capital to aggressively expand its service to new areas, growing from 24 markets at the end of 2015 to more than 70 today. “We’re in most of the major U.S. markets,” Mollman told the source. “We will be looking to grow within those markets for the near term.”

The company also intends to invest in new technology. “We’re going to roll out some great technology that will differentiate us from the rest of the storage market and drastically change the customer experience,” Mollman said. “Our proprietary logistics platform is powering advancements in our ability to better deliver our service.”

Closetbox service differs from that of some valet-storage operators by allowing customers to reserve a set amount of storage space in addition to storing items by the box. Customer belongings are stored in climate-controlled warehouses. Mollman has also expressed interest in working with traditional self-storage operators.

Headquartered in Greenwood Village, Colo., Closetbox uses an online platform that allows customers to schedule free item pickup, print barcodes to affix to boxes and oversized belongings, keep track of items using a private dashboard, and schedule delivery of items home. It operates in 72 markets.

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