Valet self-storage operator Clutter is poised to receive up to $250 million in an upcoming round of investment led by SoftBank Corp., a Japan-based holding company that has infused capital into other U.S. technology companies including DoorDash and Uber. If the funding goes through, it would be the largest round completed by Clutter, raising its investment total to more than $346 million. Investors are completing due diligence, according to a source.
The infusion would make Clutter’s total amount raised more than all its valet-storage competitors combined. New York-based MakeSpace Labs Inc. is closest, with $57.6 million raised to date, a source reported.
The capitalization would be the first for Clutter since June 2017 when it raised $64 million in a round led by U.K.-based venture-capital firm Atomico. Additional investment came from Fifth Wall Ventures, Google Ventures and Sequoia Capital.
Clutter has typically used investment to enhance its services, hire more people and fund expansion. At the time of the Atomico investment, the valet-style self-storage operator reportedly intended to expand to 50 markets by 2023, including markets outside the United States. It currently serves several domestic markets including Chicago, Los Angeles, New Jersey, New York, San Diego, San Francisco and Seattle.
Similar to other valet-style storage operators, Clutter offers by-the-bin storage targeted at urban residents who don’t have adequate home storage. Founded in 2013, the Los Angeles-based company uses an online platform that allows customers to schedule free item pickup, maintain an image catalog of stored bins and bulky items, and schedule delivery of items to their home.
Sources:
CrunchBase News, On-Demand Self-Storage Startup Clutter Said To Target $200M-$250M Raise
SpareFoot Storage Beat, Did Clutter Just Win the On-Demand Storage Wars?