Clutter, an on-demand storage company that’s trying to shake up the storage market, raised $200 million to fuel its expansion into Philadelphia, Portland and Sacramento, it announced Wednesday.
SoftBank’s Vision Fund led the investment and its adviser Justin Wilson will now join Clutter’s board as the company as the company tries to disrupt the $38 million U.S. storage industry by adding app-based pick-up and delivery.
The Culver City-based company founded by Ari Mir and Brian Thomas less than four years ago hopes its on-demand approach is distinguishing itself from major competitors like Public Storage. The app-based service operates in nine major metro markets.
“We believe that storage is a vast and traditional market with huge potential for disruption, and Clutter’s technology and superior customer proposition will help facilitate future growth in expanding urban communities where space is at a premium,” said Wilson, who serves as a director at SoftBank Investment Advisers.
The latest Series D funding round brings total capital to $297 million. The company said since its last round of funding in June 2017, it has more than doubled customers and revenue. It now operates 1.7 million square feet of warehouse space.
“Now, we are capitalized to lead the creation of new infrastructure across the moving and storage space,” Mir said. “SoftBank’s investment is the ultimate vote of confidence. This puts us in a position to continue to lead the on-demand storage space and challenge the self-storage incumbents head on.”
Manufacturing, retail and trade reporter Rachel Uranga can be reached at firstname.lastname@example.org or (323) 549-5225 ext. 251. Follow her on Twitter @racheluranga
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