Valet self-storage operator Clutter has raised $64 million in a Series C round of investment to help fund expansion to new markets around the world. The round was led by U.K.-based venture-capital firm Atomico, which was joined by Fifth Wall Ventures, Google Ventures and Sequoia Capital. Clutter has now raised $100 million in investment, according to a source.
Clutter has grown quickly since launching in Los Angeles in 2013. It now serves several domestic markets including Chicago, New Jersey, New York, San Diego, San Francisco and Seattle. It plans to use the new infusion to enhance its services, hire more people and expand to 50 markets over the next five to six years, according to a source.
International expansion is likely to include Canada, East Asia and Europe, which is why Clutter chose Atomico to lead its latest round, according to Clutter co-founder Ari Mir. The capitalization reportedly marks the first time Atomico has led a U.S. investment. “We had so much conviction around the team and the business,” Hiro Tamura, a partner at Atomico, told a source, noting the company intends to help Clutter expand “beyond the borders of the U.S.”
Though Clutter has had revenue in the “tens of millions” and is producing gross profit in each of its markets, the business isn’t yet profitable, Mir told a source. The company intends to eventually become public, he said.
Sequoia Capital, a Menlo Park, Calif., venture-capital firm, led Clutter’s previous two investment rounds, including a $20 million injection last year.
Similar to other valet-style storage operators, Clutter offers by-the-bin storage targeted at urban residents who don’t have adequate home storage. The Los Angeles-based company uses an online platform that allows customers to schedule free item pickup, maintain an image catalog of stored bins and bulky items, and schedule delivery of items to their home.