- Stuf announced it raised $11 million. These are the details.
Stuf – a next-generation self-storage startup – announced that it has closed an $11 million Series A financing round led by Altos Ventures and Allegion Ventures with participation from existing investors, Wilshire Lane Capital and Harlem Capital. And other existing investors include ANIM Fund, Palm Tree Crew, and Good Friends (the founders of Warby Parker, Harry’s, and Allbirds). This funding round is a validation of the company’s vision to modernize self-storage and monetize underutilized real estate with technology at the core of its business.
Stuf plans to use the funds to expand nationally, bringing its tech-enabled storage closer to more people and businesses across the U.S. And the company will also invest in brand awareness among consumers and landlords and grow its team across all functions, including real estate, engineering, marketing, operations, and more.
Currently, an estimated 168 million square feet of the commercial real estate sits vacant and underutilized. And Stuf CEO and founder Katharine Lau is turning that into an opportunity and breathing new life into the antiquated self-storage industry by meeting users where they need storage most – near their homes or workplace.
Plus Stuf creates a new revenue stream and amenity for commercial landlords who are looking for new ways to monetize their buildings in a post-pandemic environment. And by repurposing spaces in existing buildings, Stuf is not burdened by the timeline, cost, and greenhouse gas emissions that come along with new construction.
As part of its national expansion, Stuf is planning to expand its footprint in new and existing markets, including New York, Los Angeles, San Francisco, Seattle, Boston, Atlanta, and Washington, DC. And the company also plans to invest in technology to elevate the renter and landlord experience and streamline its remote operation.
KEY QUOTES:
“Pioneering change in real estate is never easy, but the evolving needs of consumers and commercial landlords are driving an appetite for innovation and change on both sides. Stuf members visit 3x more often than the industry average because we make storage easy with our wonderful customer experience, location accessibility, and tech enablement. We have proven the concept across multiple markets and asset classes — office, multifamily, retail, and hotel — and we value our institutional landlord partners who continue to grow with us.”
— Stuf CEO and founder Katharine Lau
“We believe Stuf will pioneer change in the approximately $48 billion self storage industry by modernizing the storage experience with a focus on technology and user experience. From our first conversation, we were impressed by the caliber of the team and Kat’s vision to reframe how consumers and businesses use self storage.”
— Ho Nam, Managing Director at Altos Ventures
“Stuf is on the leading edge of creating unique, seamless user experiences in its industry. By using technology and data to help drive these experiences, Kat and the talented Stuf team have many opportunities ahead to innovate in self storage and real estate, ultimately providing new value to commercial and multifamily property owners as well as their tenants.”
— Bobby Prostko, Managing Director at Allegion Ventures
