Valet Self-Storage Firm Closetbox Completes $7.3M Round of Funding

Closetbox Inc., a startup business specializing in valet self-storage services, raised $7.3 million in a recent Series-A funding round. The company will primarily invest the money across marketing channels. “Most of the funding will be officially spent on marketing and getting the word out to ensure that everyone who needs storage knows about our service,” CEO Marcus J. Mollmann told the source.

The valet-storage operator has now raised $19.8 million in investments, including a $5.5 million round last year led by repeat investor Boulder Ventures and a $5 million infusion in 2016 from 16 investors. The company has previously used the capital to aggressively expand its service to new areas, growing from 24 markets at the end of 2015 to its current footprint of 88 markets in 38 states and Washington, D.C. It added 10 new markets earlier this month.

Closetbox differs from some other valet-storage operators by allowing customers to reserve a set amount of storage space in addition to storing items by the box. Customer belongings are stored in climate-controlled warehouses. The company has also sought to work with traditional self-storage operators. It has leveraged “excess capacity on 4,000 moving trucks and storage facilities nationwide,” the source reported.

Headquartered in Greenwood Village, Colo., Closetbox uses an online platform that allows customers to schedule free item pickup, print barcodes to affix to boxes and oversized belongings, keep track of items using a private dashboard, and schedule delivery of items home. It has 206 locations.