China-based storage space provider Boxful has closed a HK$180m ($17.9m) series B round featuring real estate developers Shimao Property Holdings, Nan Fung and Shui On Land, The Standard reported on Wednesday.
Founded in 2014, Boxful provides storage services, charging by the box, and provides an online platform for customers to schedule free pick-up and delivery. It currently operates more than 30 storage facilities and two logistics centres in the cities of Hong Kong and Taipei.
The funding will be used to expand to other markets in China, starting with the city of Shenzhen in the first quarter of 2018.
Carl Wu, co-founder and chairman of Boxful, told Tech in Asia: “[The] first city will be Shenzhen, but we will likely expand to other mainland Chinese cities as well as the rest of Asia fairly soon.”
The company subsequently raised $6.6m in series A funding in mid-2015 from real estate firms Great Eagle, Vega Realty and Soundwill as well as Arocrest Capital, Tinghsin Group, Lonsdale Capital and assorted unnamed angel investors.
Boxful’s first funding was a $1.5m seed round backed by undisclosed investors in 2014. It acquired Go N Live, a smaller competitor in the market, for an undisclosed sum the following year.