With traditional storage industry giants facing reductions in demand and revenue due to the impact of lockdown measures and social distancing, MakeSpace has been earmarked as an essential service and continues to see increasing growth due to the convenience and flexibility it offers customers
Fremont, CA: On-demand storage firm MakeSpace raised USD 55 million in a financing round that included equity and debt financing, led by the global leader in storage and information management services, Iron Mountain, with participation from 8VC, Upfront Ventures, Maywic Select Investments, Ten Eighty, Provenio Capital, and CX Collective. The new investment round comes at the heels of a year marked with growth for the company, which included expansion to 20 additional markets in 2019 through its partnership with Iron Mountain, and the development of new product offerings like disposal and shredding, and Seasonal Closet, launched earlier this year.
"As we think about what the post-COVID world will bring, the current realities have only reinforced the significance and importance of space. With everyone spending more time at home, it's more important than ever that we're able to offer customers a convenient, affordable, and safe storage solution," said Rahul Gandhi, co-founder, and CEO of MakeSpace. "This new round of funding will enable us to expand the ways in which we support our customers even further, whether that's through the products and technology we develop or the new locations we reach." To date, the company has scaled to 31 markets across North America, offering a growing number of storage-related services to home and business customers.
The abrupt emergence of the COVID-19 pandemic has brought to light the importance of storage spaces. With traditional storage industry giants facing reductions in demand and revenue due to the impact of lockdown measures and social distancing, MakeSpace has been earmarked as an essential service and continues to see increasing growth due to the convenience and flexibility it offers customers. The company has made it a priority to support those affected by the crisis and is implementing contactless service and new sanitary measures in all affected areas.
"It has been amazing to see what MakeSpace has accomplished in the past year alone, growing from 4 to 24 markets almost overnight, and adding another 7 in 2020. They have taken a unique approach to storage that answers the modern customer's demand for convenience, using technology to enhance the service and grow at an immense scale," said Deirdre Evens, Executive Vice President and General Manager of North America Records and Information Management at Iron Mountain. "Especially now, services such as MakeSpace are delivering vital solutions for customers and businesses. MakeSpace has proven itself as an industry leader, finding new ways to offer support and services for this challenging time. We continue to be both proud and excited about our partnership with MakeSpace and the opportunity to leverage Iron Mountain's storage and logistics expertise to further penetrate the fast-growing valet consumer storage market."