Storage firm Closetbox inks $7.3 mln Series A


Denver-based Closetbox, a storage company, has secured $7.3 million in Series A funding. The investors in this round were not named.

PRESS RELEASE

DENVER, Jan. 11, 2017 – Closetbox, the world’s largest full-service storage company, has announced a $7.3 million Series A funding round.

The investment brings the total raised by the company to $19.8 million in Series A funding from investors motivated by the company’s explosive growth and disruptive model. Since Closetbox’s first external funding in September 2015, the company has served tens of thousands of customers, seen 16x revenue growth and 90% compounded quarterly revenue growth.

The announcement coincides with the company’s recent expansion into 10 new markets around the country, creating a total service area of 88 markets across the United States, with 206 locations. The full-service storage company experienced significant growth throughout 2017, with a 28% increase in new cities served.

“Our focus on providing no-hassle, safe and secure storage is stronger than ever,” said Closetbox CEO Marcus J. Mollmann. “We have proven how Closetbox can truly disrupt self storage by profitably offering full-service storage at the cost of self storage.”

Closetbox allows customers to store their belongings in a secure storage facility without leaving the comfort of their home. Professional movers do all the heavy lifting by picking up storage items at customers’ home.

Closetbox then stores the belongings in a secure, temperature-controlled facility, while creating a digital inventory for all the items being stored for easy return delivery.

Closetbox is the only full-service storage company that uses an asset-light, shared economy model by using excess capacity in the existing logistics network to pick up and deliver storage.

Closetbox serves now 88 markets across 38 states and Washington D.C. and will continue its market expansion through 2018. To learn more, visit https://www.closetbox.com/.

About Closetbox
Closetbox is a full-service storage company that offers no-hassle pickup and on-demand return delivery of customers’ belongings with secure storage in local storage facilities. Founded in 2014 by Marcus J. Mollmann and headquartered in Denver, CO, the company is backed by venture capital and offers an efficient and cost-effective solution to storage. Each customer has access to a personalized, online dashboard that includes an inventory of their belongings—allowing customers to request any or all items to be returned within a few days.