On-Demand Storage Company MakeSpace Raises $55 Million

By Dan Anderson ● May 28, 2020
  • On-demand storage company MakeSpace announced it raised $55 million in equity financing and some debt

On-demand storage company MakeSpace announced it raised $55 million in equity financing and some debt from Iron Mountain with participation from 8VC, Upfront Ventures, Maywic Select Investments, Ten Eighty, Provenio Capital, and CX Collective. This round of funding follows a year of major growth for MakeSpace, which included expansion to 20 additional markets in 2019 through its partnership with Iron Mountain and the development of new product offerings like disposal and shredding. Plus the company also launched Seasonal Closet earlier this year.

While traditional self-storage giants are seeing reductions in demand and revenue due to the impact of lockdown measures and social distancing, MakeSpace was designated as an essential service and has been continuing to see increasing growth due to the convenience and flexibility it offers customers. And MakeSpace has made it a priority to support those affected by the pandemic through programs for college students forced out of their dorms, offering free storage to small businesses impacted by the crisis, and implementing contactless service and new sanitary measures in all affected areas.

So far, MakeSpace has scaled to 31 markets across North America and is offering a growing number of storage-related services to home and business customers.

Key Quotes

“As we think about what the post-COVID world will bring, the current realities have only reinforced the significance and importance of space. With everyone spending more time at home, it’s more important than ever that we’re able to offer customers a convenient, affordable, and safe storage solution. This new round of funding will enable us to expand the ways in which we support our customers even further, whether that’s through the products and technology we develop or the new locations we reach.”

-Rahul Gandhi, co-founder and CEO of MakeSpace

“It has been amazing to see what MakeSpace has accomplished in the past year alone, growing from 4 to 24 markets almost overnight, and adding another 7 in 2020. They have taken a unique approach to storage that answers the modern customer’s demand for convenience, using technology to enhance the service and grow at an immense scale. Especially now, services such as MakeSpace are delivering vital solutions for customers and businesses. MakeSpace has proven itself as an industry leader, finding new ways to offer support and services for this challenging time. We continue to be both proud and excited about our partnership with MakeSpace and the opportunity to leverage Iron Mountain’s storage and logistics expertise to further penetrate the fast growing valet consumer storage market.”

-Deirdre Evens, Executive Vice President and General Manager of North America Records and Information Management at Iron Mountain