Toronto-based startup OpenUnit Inc., which offers a suite of software-style operational tools for self-storage operators via an e-commerce platform, has received $150,000 in pre-seed funding from Y Combinator, a U.S.-based startup incubator and seed-money platform. OpenUnit will use the capital to help launch and expand its offerings, according to a press release.
OpenUnit received mentorship from Y Combinator at the beginning of this year and recently demonstrated its offerings as part of the incubator’s winter showcase. Other companies that have launched through the Y platform include Airbnb, DoorDash and Dropbox. “Y Combinator presented a significant opportunity for OpenUnit to connect with top early stage investors and mentors while accelerating the development of the company,” said Taylor Cooney, co-founder of OpenUnit.
OpenUnit launched earlier this month. Similar to Shopify, its platform offers self-storage operators a series of operational tools for accounting, customer relationship management, online marketing, online rentals, payment processing, revenue management, staff communication, unit inventory, Web security and more. There are no general service fees, though OpenUnit does receive 2.9 percent of all credit card payments for online rentals and automated billing, plus 30 cents per transaction. Interested parties can add their name to a waiting list on the company website.
Prior to the Y Combinator infusement, OpenUnit was self-funded. “The validation from Y Combinator really speaks to how attractive the market is and gives us the confidence to continue moving forward,” Taylor said. “Y Combinator looks for disruptive opportunities, and this signals to us that we are on the right path.”
PR Newswire, OpenUnit Raises $150,000 Pre-Seed Funding from Y Combinator