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Hong Kong Valet-Storage Startup Boxful Raises $18M in Second-Round Funding

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Boxful, a Hong Kong-based startup business specializing in valet self-storage services, has raised $18 million in a second-round fundraising from several investors including real estate developers Nan Fung Group, Shimao Property Holdings and Shui On Land. Boxful intends to use the capital primarily to expand its pickup and delivery services in Mainland China and other Asian markets, according to the source.

The company plans to begin service in Shenzhen, China, during the first quarter of 2018. Pricing will be less than in Hong Kong due to lower operating costs, said co-founder Norman Cheung.

Boxful has raised more than $26.1 million in investment since launching two years ago. It raised $6.6 million in June 2015 and acquired a smaller competitor two months later. It has since expanded to Taipei.

Launched in Hong Kong in January 2015, Boxful offers pickup and delivery service in Hong Kong Island, Kowloon and most of New Territories, according to the company website. The company uses an online platform that allows customers to schedule free item pickup, maintain an image catalog of stored belongings, and schedule delivery of items to their home.

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