MyPorter, a startup business specializing in valet self-storage in Atlanta, has closed an investment round of $2.2 million. The company will use the funds to “drive accelerated market-share gains” locally and pursue Southeast expansion during the first quarter of 2020, according to a press release. The capital infusion comes after the company achieved revenue growth of 390 percent and positions the operator for a Series A funding round next year, officials said.
The most recent investment was led by several angel investors including Ken Haines, CEO of Marietta, Ga.-based home-maintenance network The Wrench Group, and Wes Matelich, CEO of Rx Green Technologies LLC, a company that produces and supports research-backed products intended for commercial cannabis cultivation.
"I saw a unique opportunity with MyPorter to upset an essential services industry that would have a lasting impact locally and, potentially, nationally as well," Haines said. "It's exciting to be an early investor in a company disrupting a decades-old industry in a make-or-break market like Atlanta."
Launched in 2015, MyPorter was funded by CEOs Robert Crump and John Foshee through 2017. The company received its “first major outside capital” in January 2018, the release stated.
The company expects to exceed more than 10,000 “customer jobs” this year. "Robert and I eschewed the traditional institutional funding sources when we started out because we wanted to truly understand the basic mechanics of the business and build the company from the ground up in order to ensure we started from a solid foundation from which to drive sustainable growth for the business model that we envisioned," Foshee said. "Choosing this path has allowed us to create a model that is extremely scalable and investor-friendly. We're excited about the high caliber of investors we've engaged up to this point and look forward to our Southeast expansion while we pursue our Series A."
MyPorter serves the Atlanta metropolitan area. The company uses an online platform that allows customers to schedule item pickup, maintain a visual catalog of stored bins and bulky items, and schedule delivery of items to their home.
Yahoo Finance, MyPorter Accelerates Growth Strategy With $2.2 Million in Funding