Boxful, a Hong Kong-based startup business specializing in valet self-storage services, has closed on $6.6 million in Series A funding. Investors in the round include Arocrest Capital Management, Great Eagle Holdings Ltd., Lonsdale Capital Pte. Ltd. and Tinghsin Group, among others. The capitalization follows the $1.5 million in funding the business raised last year prior to its launch in January.
"With the help of our investors, we're shaping valet storage to be a seamless part of city dwelling, and changing how people in Hong Kong use their living space," Norman Cheung, co-founder and CEO of Boxful, told the source.
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. The company used a portion of its earlier seed funding on an aggressive advertising campaign, according to a previous report.
"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. International expansion for the business could occur in 2016, he told the source.
Boxful did not reveal its current valuation based on the latest funding round, the source reported.
The Hong Kong valet-storage market has attracted several operators. Competitors include Go N Live, 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.
Sources:
- South China Morning Post: Hong Kong Storage Start-Up Boxful Raises US$6.6 Million in Series A Funding Round
- Tech in Asia: Boxful Locks Down Series A Funding as Hong Kong’s Storage Wars Ramp Up
