US-based on-demand storage service Clutter is raising between $200m and $250m in a funding round set to be led by telecommunications firm SoftBank, TechCrunch reported yesterday, citing undisclosed sources.
Clutter operates an app-based storage service that involves the company’s movers picking up the items from a user’s house and transporting them to a secure storage facility. The stored possessions are itemised and insured, and can be returned by Clutter on demand.
The company has also branched out into home removal services. It is present in Los Angeles, San Diego, Orange County, the San Francisco Bay Area, New York, New Jersey, Chicago and Seattle but additional funding would be able to support an expansion across the US.
The term sheets for the new round have been drawn up but not finalised, the sources told TechCrunch. SoftBank would likely invest from its Vision Fund, which has already backed online-to-offline services such as dog-walking service Wag and last-mile delivery platform DoorDash.
The company has so far secured more than $96m of funding since it was founded in 2015, most recently raising $64m in a mid-2017 series C round led by technology investment firm Atomico and backed by GV, a corporate venturing vehicle for internet and technology conglomerate Alphabet.
Venture capital firms Sequoia Capital and Fifth Wall Ventures also participated in the series C, estimated by Forbes to value Clutter at $240m. Sequoia Capital, Resolute Ventures, Amplify and angel investors Joanne Wilson, David Sacks and Matt Coffin were among the company’s earlier investors.
