Neighbor’s platform repurposes under‑utilized residential and commercial space—basements, garages, driveways, empty retail or office floors—into rentable self-storage. Hosts list space and receive algorithmic pricing suggestions while Neighbor takes a sliding‑scale service fee on each rental. The company says hosts on the platform can earn more than $50,000 a year and that listed storage is typically 40–50% cheaper than traditional facilities. Demand has surged during COVID: revenue grew 5x year‑over‑year and organic reservations grew 7x, while its commercial real‑estate footprint expanded 10x in 2020. Neighbor reports having tens of millions of square feet on the platform and has active renters in more states than a major public competitor. With new capital it plans to expand its nationwide network of hosts and renters and to continue raising awareness of the marketplace, with longer‑term plans to look globally as it grows. Neighbor operates an online marketplace that lets hosts list spare space and renters pay to store items, positioning itself as a cheaper alternative to traditional self-storage. The platform includes social features via Facebook integration to surface friends or mutual connections, plus trust mechanisms such as ID verification, optional background checks, a required inventory list, banned-item policies, and a $10,000 guarantee for renters. Hosts set pricing while Neighbor charges renters a 15% service fee and provides algorithmic pricing recommendations aimed at keeping costs roughly half that of conventional facilities. The founders report "thousands" of users across 11 U.S. states, with notable usage categories including boats/RVs (≈35%), household goods (≈25%), large furniture (≈25%), and small-business inventory (≈15%). Neighbor has previously won local grants (Get Seeded, Opportunity Quest, New Venture Challenge, Utah Entrepreneurship Challenge) and says it has not faced any host insurance disputes to date. The company plans to use new funding to improve the platform, build technologies to foster trust, and expand marketing across the U.S.

Total raised

$56M

Funding rounds

2

Latest round

Series B

Latest activity

Mar 2021