US-based on-demand storage provider Clutter received $200m in series D funding yesterday from investors led by SoftBank Vision Fund, the near $100bn vehicle managed by telecommunications group SoftBank.
GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet, also backed the round alongside investment firm Atomico and venture capital firms Sequoia Capital, Fifth Wall Ventures and Four Rivers Group.
The round valued the company at $600m post-money, according to CNBC. Reports earlier this month suggested Clutter was seeking between $200m and $250m for the round.
Clutter operates an on-demand storage platform that sends movers to a user’s home to pick up or return their belongings. Items are stored in a secure facility and users access the service through a mobile app.
The service is currently available in the metropolitan areas of San Francisco, New York, Los Angeles, Orange County, San Diego, Chicago, New Jersey and Seattle.
The cash will drive expansion efforts in existing markets as well as entry into the cities of Philadelphia, Portland and Sacramento. The company hopes to eventually cover the 50 largest cities across the US and also plans to expand internationally.
Justin Wilson, an investor at SoftBank Investment Advisers, the unit that oversees Vision Fund, will join the company’s board of directors.
Clutter has now raised $297m in funding since being founded in 2015. GV had previously invested in its $64m series C round, which was led by Atomico and backed by Sequoia Capital and Fifth Wall Ventures, in 2017.
Resolute Ventures, Amplify and angel investors Joanne Wilson, David Sacks and Matt Coffin are also among Clutter’s earlier investors.
