LoveSpace, a U.K.-based business specializing in valet self-storage services, has launched its second equity crowdfunding campaign through the Crowdcube platform, with a goal of reaching £500,000 before the round closes on June 3. Proceeds will be used for technology investment and marketing, according to the Crowdcube campaign page. LoveSpace raised more than £1.5 million from 257 investors during its first round in May 2014.
“We are disrupting the £0.4 billion U.K. self-storage industry, doing to it what Uber did to taxis, Ocado did to supermarket shopping and Streetcar did to car rental,” LoveSpace officials told the source. The company intends to expand its market base and develop a mobile app.
LoveSpace has served more than 13,000 customers and grown revenue to more than £1 million since its first Crowdcube campaign, according to the company website. Terms for the current round will be the same as those offered to existing shareholders during “an oversubscribed private pre-emptive round” in December, the source reported.
The campaign has raised £170,260 from 51 investors as of May 4.
LoveSpace launched in November 2013 in partnership with property-management company Mainstay Group, which manages more than 35,000 buildings across the United Kingdom. The business targets consumers who do not have enough items to fill a small storage unit but want to temporarily store some belongings. It enables customers to store by the bin, maintain a visual catalog of stored items, and offers pickup and delivery services.
Sources:
- Crowdfund Insider: Round Two: Lovespace Launches Second Crowdcube Campaign
- LoveSpace: LoveSpace is raising £500,000 for Further Expansion
