Storage-sharing startup Neighbor snags $53M in Series B

Fifth Wall led funding round

National /
Mar.March 24, 2021 06:00 AM
Joseph Woodbury, CEO and co-founder of Neighbor. (Getty, Neighbor) Neighbor.com CEO Joseph Woodbury.

A company looking to become the Airbnb for storage has raised $53 million in a Series B funding round.

Neighbor.com, founded in 2017, allows users to rent out storage space in their properties. The Utah-based startup will use the funding to expand its network of hosts and renters, the company announced Wednesday.

Fifth Wall, a venture capital firm that has backed startups such as Opendoor, Doma and Industrious, led the round. Other investors included DoorDash’s Tony Xu, StockX’s Scott Cutler and Andreessen Horowitz, according to the company.

The startup first targeted hosts who wanted to rent out extra space in their homes — such as basements, garages or attics — to neighbors seeking storage. Neighbor has since begun working with landlords who find themselves without retail or restaurant tenants, particularly since the pandemic hit. Now, Fifth Wall is introducing Neighbor to real estate owners and operators; Acadia Realty Trust and Jamestown have begun using Neighbor’s services.

Joseph Woodbury, the startup’s CEO and co-founder, said in a statement that it operates “tens of millions of square feet in big cities, small towns, suburbs and rural areas across all 50 states.”

The self-storage industry has been thriving in the pandemic. Neighbor says its revenue has increased five-fold in the past year.

Neighbor raised a $10 million Series A in February 2020. It had raised a $2.5 million seed round from investors in 2018.





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