Self Storage Startup Lands Series A Funding
The company will expand its tech-enabled storage business nationally.
Image courtesy of Mohamed Hassan via pixabay
Stuf, a tech-enabled self storage startup, has landed $11 million in Series A funding to expand nationally. The financing will also be put towards branding, technology to improve the renter and landlord experience and team expansion.
New and existing markets Stuf intends to expand its presence in include New York, San Francisco, Los Angeles, Boston, Seattle, Atlanta and Washington, D.C.
Leading investors in the financing were Atlos Venture and Allegion Ventures. Wilshire Lane Capital and Harlem Capital, existing investors, also contributed towards the Series A funding. Other investors include Palm Tree Crew, Good Friends and ANIM Fund.
The company’s mission is to repurpose underutilized and vacant commercial real estate into self storage led by technology. Instead of new self-storage construction, the business model reduces costs and environmental impacts while benefiting commercial landlords looking for additional revenue.
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In prepared remarks, Katharine Lau, CEO and founder of Stuf, said that due to the company’s accessibility and customer experience, members visit its sites three times times more than the industry average.
The self storage sector set record high levels of rent prices in 2021 and remained extremely strong throughout most 2022. Although the industry saw lower levels of investor interest and demand towards the end of last year, self storage is expected by experts to continue to be a very strong asset type while normalizing revenue growth patterns throughout this year.
