Self-storage alternative MakeSpace raised $17.5 million in Series B funding, bringing the company’s total funding to $30.5 million. Harmony Venture Partners and Upfront Ventures led the round with participation from existing Series A and seed investors. Mark Lotke, founder and managing partner of Harmony, will join MakeSpace’s board.
NEW YORK, NY – February 24, 2016: Today, self-storage alternative MakeSpace, announced a $17.5 million Series B, bringing the company’s total funding to $30.5 million. The round was led by Harmony Venture Partners and Upfront Ventures alongside existing Series A and seed investors. This new capital will allow MakeSpace to continue to scale operations, grow their 80 person team, and expand into five new markets in 2016.
“On behalf of Harmony Partners, I am honored to be joining the MakeSpace board. In just two short years MakeSpace has emerged as the clear leader in the storage space, offering a killer value proposition and the best customer experience. I’m thrilled with their success so far and believe 2016 is going to be an explosive year for the company,” says Mark Lotke, founder and managing partner of Harmony Venture Partners.
Since the company was founded in 2013, MakeSpace continues to pioneer an innovative storage solution that’s more convenient for consumers, gives visibility to what consumers are storing, and at a cheaper price point. This funding comes after continuous growth in New York City and expansion into Washington D.C. and Chicago – and in 2016 MakeSpace will more than double the amount of cities in which they operate.
“Given the funding markets, raising $17.5 million in this market is an astounding statement. Raising $30 million overall, is an even bigger statement. How have we been able to do that? Because our unit economics are phenomenal, our team is incredible, and our advantage over traditional storage is so great that people are starting to see how valuable this business can be,” says Sam Rosen. “We’re taking on a $27 billion a year industry that has a terrible customer value proposition. We have our sights set on dated industry leaders. I’m proud of all the work we’ve done to become the strongest brand in the category, the largest and the best funded of the new entrants, and to be able to replicate our service in even more cities in 2016.”
Rahul Gandhi, co-founder and chief operating officer of MakeSpace, has also joined the company’s board of directors alongside Rosen, Lotke, and Mark Suster from Upfront Ventures.
MakeSpace takes the pain out of traditional self-storage by picking up customer’s belongings, taking them to a secure storage facility, photo inventorying all items stored and delivering them back whenever needed. This service is currently available in New York City, Washington D.C. and Chicago. Find out more at makespace.com or by downloading the MakeSpace iOS app.