Participated · Equity · May 2020

MakeSpace is a tech-enabled, on-demand storage service headquartered in New York City, founded in 2013. Customers schedule pickups, drop-offs and other services via an app and receive a digital photo inventory, paying only for the space they use. The company has expanded product offerings to include disposal and shredding and launched Seasonal Closet, and has implemented contactless service and sanitary measures during the COVID-19 pandemic. MakeSpace runs programs such as free storage for small businesses affected by the pandemic and support for college students displaced from dorms. It has scaled to 31 markets across North America after expanding 20 markets in 2019 via its partnership with Iron Mountain. Financially, it raised $55M in Series E equity financing plus some debt in a round led by Iron Mountain to support further product and location expansion. MakeSpace is a New York-based consumer storage provider that offers pickup, storage and delivery of customers' items through its app. Customers can schedule pickups and deliveries and access a photographic inventory of stored items; pricing is charged per cubic foot per month with a three-month minimum. The company was founded in 2013 by Rahul Gandhi, Adam LeVasseur, and Samuel Ian Rosen. MakeSpace reported revenue growth of 117% per year over the last three years. As supported by Iron Mountain’s infrastructure, MakeSpace plans to expand into 20 new cities including Austin, Boston, Dallas, Houston, Miami, Philadelphia, San Antonio, San Diego, San Francisco, Seattle and Toronto and will occupy an initial 2.1 million cubic feet of Iron Mountain’s consumer storage space. The company is also taking over the operations of Iron Mountain’s Stashable full-service storage business. MakeSpace operates an on-demand storage service and app that lets customers schedule pickups, store belongings offsite, and request deliveries of selected items. The company targets clothing and furniture storage and positions itself as a convenience alternative to traditional self-storage facilities. New York pricing starts at $59 per month, and CEO Sam Rosen says MakeSpace currently serves “tens of thousands” of customers. MakeSpace keeps costs down by using storage facilities in less desirable areas and providing pickup/delivery logistics. The company focuses on a handful of cities (New York, Los Angeles, Washington D.C., and Chicago) and plans to double down on those markets rather than expand to new regions. Management has also discussed expanding beyond storage into related services such as moving and selling furniture, and the company promotes itself as a thought leader in home living. MakeSpace operates an app-driven self-storage service that picks up customers' items, stores them and lets users manage photos of their belongings via an iPhone app. The company offers free pickups, same-day service options and a $19.99 on-demand delivery fee for select items, and it guarantees rates will never increase. MakeSpace positions itself as a modern alternative to traditional self-storage operators and targets the $27 billion U.S. storage market. It is currently available in New York, Chicago and Washington, D.C., and plans to expand to five new cities using the new funding. The startup says its product simplifies access to stored items so customers never have to visit a storage facility. Founded in 2013, MakeSpace has previously raised more than $10 million from investors including Founders Fund, Melo7Tech and Gary Vaynerchuk. MakeSpace brings cloud-like organization to physical objects by offering on-demand pickup, photo cataloging, and app-based bin tracking. Users pay $25/month for four bins and can request single-bin or full-stash deliveries; the app stores pictures and lists to help locate items. The company started out last year and operates van pick-ups in NYC, effectively handling pickup and drop-off logistics for customers. Demand has exceeded supply, and MakeSpace has been onboarding more pickup vans and drivers to add capacity. Financially, the service has raised a total of $10.1 million after its latest financing. Investors in the company include Upfront Ventures, Founders Fund, OATV, and follow-ons from Lowercase Capital, High Peaks Venture Partners and Collaborative Fund.