Boxful, a Hong Kong-based startup business specializing in valet self-storage services, has acquired Go N Live (GNL), a smaller competitor in the same market. The move comes after Boxful received $6.6 million in Series A funding in June, which company officials said would be used for expansion.
GNL founder and CEO Mark Sims will join Boxful as a senior adviser. "Mark has spearheaded the development of valet storage in Hong Kong, and I appreciate the contributions he's made," Boxful co-founder Norman Cheung told the source.
Hong Kong is among the most crowded markets for valet-storage operators, according to the source. Competitors include Klosit, Spacebox Ltd., StuffGenie Ltd. and Vault Dragon. Hongkong Storage, a traditional self-storage operator with 15 facilities in the region, also offers pickup and delivery services through its Yes-Storage program.
"Since our launch, the rate of adoption has been very encouraging, which gives us the confidence to scale up in Hong Kong and bring this model to other markets," Cheung said after Boxful’s latest infusion of capital. He also indicated the company could expand internationally sometime in 2016.
Modeled largely after valet-style storage operations that have emerged in the United States, Boxful offers by-the-bin storage targeted at residents who live in the dense urban areas of the region and don’t have adequate home storage.
Boxful launched in Hong Kong in January, offering pickup and delivery service in Hong Kong Island, Kowloon and most of New Territories, according to the company website. Buoyed initially by $1.5 million in seed money garnered last year, Boxful uses an online platform that allows customers to schedule free item pickup, maintain an image catalog of belongings, and schedule delivery of items to their home.
Sources:
- South China Morning Post: Self-Storage Wars: Hong Kong's Boxful Acquires Smaller Rival GNL After US$6.6 Million Funding Round
