Stuf, a startup business that partners with commercial-property owners to convert unused space to self-storage, has secured $11 million in a Series A round of funding led by Allegion Ventures and Altos Ventures, with participation from existing investors Harlem Capital and Wilshire Lane Capital. Stuf will use the funds to fuel expansion plans, branding strategies and staff hires across engineering, marketing, operations, real estate and other areas, according to a press release.
Stuf will expand its footprint in new and existing markets including Atlanta, Boston, Los Angeles, New York, San Francisco, Seattle and Washington, D.C. It will also invest in technology to improve the renter and landlord experience as well as streamline its remote operation, the release stated.
The company estimates there is 168 million square feet of vacant and underused commercial real estate. “Pioneering change in real estate is never easy, but the evolving needs of consumers and commercial landlords are driving an appetite for innovation and change on both sides,” said CEO Katharine Lau. “We have proven the concept across multiple markets and asset classes—office, multi-family, retail and hotel—and we value our institutional landlord partners who continue to grow with us.”
Based in New York, Stuf launched in 2020 after raising $1.8 million in seed funding. In August 2021, it expanded its footprint in Northern California by adding two facilities comprising 179,000 square feet. Footprint growth last year included adding space inside two Southern California facilities comprising about 6,800 square feet.