Valet Self-Storage Operator MakeSpace Raises $17.5M to Accelerate Growth

MakeSpace Labs Inc., a business specializing in valet-style self-storage services in Chicago, New York City and Washington, D.C., has raised $17.5 million in investment to help fund expansion to five new markets. The company’s latest round was led by Harmony Venture Partners LP and Upfront Ventures, with participation from existing investors, according to the source.

MakeSpace Labs Inc., a business specializing in valet-style self-storage services in Chicago, New York City and Washington, D.C., has raised $17.5 million in investment to help fund expansion to five new markets. The company’s latest round was led by Harmony Venture Partners LP and Upfront Ventures, with participation from existing investors, according to the source.

“[Traditional self-storage facilities] are the Blockbuster Video of storage, and we are Netflix,” Mark Suster, managing partner at Upfront Ventures, told the source. “We deliver a superior product at a cheaper price, and we will continue to crush them as our centralization model takes hold. Think about how Barnes & Noble or Borders did when Amazon centralized distribution.”

Founded in 2013, MakeSpace had previously raised $10.1 million in funding, including investments from actor Ashton Kutcher and NBA star Carmelo Anthony, according to a previous company press release. The company raised $8 million in venture capital in May 2014, which was led by Upfront Ventures.

Since the company’s launch, CEO Sam Rosen has indicated his desire to offer local storage and delivery services in several major metropolitan markets. MakeSpace added Chicago and Washington, D.C., last year after hiring Toby Ciottone as vice president of growth, strategy and expansion. “Consumers should never have to visit self-storage and never forget what’s in self-storage,” Rosen told the source.

The article didn’t identify which new markets MakeSpace is targeting for expansion.

Based in New York, the company offers door-to-door service for customers’ stored goods and creates a visual catalog of each box stored in its warehouse. Customers have access to the catalog through a cloud-based platform, which allows them to keep track of their items and request them when desired.

Sources:

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish