Neighbor operates a peer-to-peer self-storage marketplace that lets residential and commercial property owners monetize under-utilized space (garages, basements, driveways and vacancies) by listing it as storage. The service prices storage at roughly 40–50% below traditional storage facilities and has rapidly added square footage without new construction or infrastructure. Neighbor reported a 5x year-over-year increase in revenue from March 2020 to March 2021 and a 7x increase in organic reservations; its commercial real estate footprint grew 10x in 2020. The company is positioning itself to capture demand in the roughly $40 billion self-storage industry by democratizing access to storage income and space. Neighbor plans to use the new capital to expand its brand footprint and user base nationwide, make strategic hires, and attract tech talent to the Silicon Slopes. The company highlights partnerships with institutional real estate owners to onboard properties onto its platform, scaling supply alongside demand. Neighbor.com operates a marketplace connecting renters in need of storage with hosts willing to lease extra storage space in their home or garage. Founded in 2017 and led by CEO Joseph Woodbury, the company is based in Lehi, Utah. It has undergone rapid expansion and now provides access to affordable storage in all 50 states, more than any traditional storage company. Neighbor closed a $10M Series A led by Andreessen Horowitz. The company will use the funds to expand operations and broaden its business reach. In conjunction with the financing, Andreessen Horowitz’s Jeff Jordan will join Neighbor’s board of directors.

Total raised

$66M

Funding rounds

3

Latest round

Series B

Latest activity

Mar 2021