Boxbee, the New York, NY-based provider of on-demand valet storage for those who live in the urban jungles of NYC and San Francisco, announced this morning that it has raised $5 million in Series A funding led by Metamorphic Ventures. Other participants in this round of financing included Floodgate, Northgate, and an unnamed leading home improvement company.
“At Boxbee we’re passionate about providing our customers with a storage solution that provides the best level of service, quality, trust and efficiency,” said Boxbee founder and CEO Kristoph Matthews in a statement. “This recent round of funding will allow us to further our growth beyond our current bicoastal presence to other major metropolitan areas, and continue to provide this level of service at scale.”
Boxbee is a graduate of mentorship and accelerator program AngelPad. Since graduating from the program, the company has reported 30 percent month-over-month growth for it storage and logistics solution for homes and businesses. Similar to other storage startups that have sprung up in recent years, the company provides a simple-to-use storage solution wherein the company picks up a user's items and stores them in a nearby secure location.
Initially with just $100 million in VC investments in 2009, on-demand service companies has seen huge gains in recent years, with investments exceeding $1.3 billion in 2013. This increase in demand for such services puts Boxbee in the right place, giving them an early opportunity in a market that is increasingly growing to rely on mobile-enabled technologies such as the company's easy self-storage solution.