{"id":343505,"date":"2017-06-13T18:00:50","date_gmt":"2017-06-13T10:00:50","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1502813"},"modified":"2017-06-13T18:00:50","modified_gmt":"2017-06-13T10:00:50","slug":"clutter-raises-64-million-to-store-what-wont-fit-in-your-closet","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/clutter-raises-64-million-to-store-what-wont-fit-in-your-closet\/","title":{"rendered":"Clutter raises $64 million to store what won\u2019t fit in your closet"},"content":{"rendered":"

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If you heard venture investors were pouring tens of millions into storage, you might think it was cloud storage or flash storage. But that\u2019s not the kind of storage we\u2019re talking about with Clutter.<\/p>\n

The Los Angeles-based startup, which helps customers store their physical belongings like clothing and furniture, has closed a $64 million funding round from big name investors. The series C is led by UK-based Atomico with participation from Sequoia Capital, Google Ventures (GV) and Fifth Wall.<\/p>\n

Clutter picks up and delivers your items on demand and everything can be arranged online. They aim to make storing your belongings as convenient as possible.<\/p>\n

If this sounds familiar it\u2019s because MakeSpace<\/a>, Omni<\/a> and Trove<\/a> also raised money for similar concepts. Apparently, the market opportunity is big!<\/p>\n

\u201cStorage is a large industry that has not been optimized or refined by technology,\u201d Sequoia partner Omar Hamoui told TechCrunch. He believes there\u2019s \u201croom for more than one of these companies to be there.\u201d<\/span><\/p>\n

It turns out that people have a lot of stuff. And they don\u2019t like going to warehouses to retrieve their items. Conjuring your ski equipment with the tap of a button is appealing to consumers.<\/p>\n

Plus, since they are bringing their items to you, they can rent facilities in less desirable locations. That saves a lot of wasted real estate money.<\/p>\n

Yet Clutter insists they are unlike the other startups in the space because they have better unit economics. (I cannot confirm this comparison because they have not shared their financials.)<\/p>\n

Says Mir about Clutter, they\u2019re \u201cnot only profitable on every individual customer, but we\u2019re producing a gross profit in every single city we operate in.\u201d Revenue is in the tens of millions, but the overall business is not profitable.<\/p>\n

Right now they are focused on adding new cities. They\u2019re already in Los Angeles, San Francisco, New York, New Jersey, Chicago, Seattle, Santa Barbara, San Diego and Orange County. Now they want to expand internationally.<\/p>\n

That\u2019s part of the reason they partnered with Atomico. \u201cWe had so much conviction around the team and the business,\u201d said Hiro Tamura, partner at Atomico. He says they intend to be a \u201chuge part\u201d in helping Clutter move \u201cbeyond the borders of the U.S.\u201d<\/p>\n

Everyone involved with Clutter believes they have what it takes to challenge Public Storage, a $35 billion public company.\u00a0When asked if they might IPO someday, Mir didn\u2019t hold back. \u201c100%. there\u2019s no way in hell we\u2019ll ever sell this company.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

\"\" If you heard venture investors were pouring tens of millions into storage, you might think it was cloud storage or flash storage. But that’s not the kind of storage we’re talking about with Clutter. The Los Angeles-based startup, which helps customers store their physical belongings like clothing and furniture, has closed a $64 million funding round from big name investors. The… Read More<\/a><\/p>\n

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