US-based on-demand self-storage service provider MakeSpace has picked up $55m in a series E round backed by information management services provider Iron Mountain.
The round consisted of an unspecified mix of equity and debt financing and also attracted 8VC, Upfront Ventures, Maywic Select Investments, Ten Eighty, Provenio Capital and CX Collective. The company has raised approximately $143m since it was founded in 2013.
MakeSpace operates a self-storage service that charges customers only for the space they use, facilitating the scheduling of pickups and drop-offs through a mobile app. It also offers features such as a digital photo inventory, disposal and shredding.
The funding follows MakeSpace’s designation as an essential service during US shelter-in-place orders related to the Covid-19 pandemic. It has launched schemes to help students forced out of term-time accommodation as well as small businesses impacted by lockdown measures.
The company plans to use the series E proceeds to expand its offering, through technology and product development, in addition to opening new locations.
MakeSpace’s service is currently available in 31 markets across the US and Canada. It added 20 locations through an acquisition of Iron Mountain’s consumer storage subsidiary, Stashable, in April 2019 alongside a $30m funding round that included Iron Mountain.
OATV, the corporate venturing arm of media company O’Reilly Media, took part in an $8m series A round for MakeSpace in 2014 that was led by Upfront Ventures and backed by Lowercase Capital, High Peaks Venture Partners, Founders Fund and Collaborative Fund. The company’s investors also include Harmony Partners and Summit Action.
