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The Real Deal Los Angeles

On-demand storage company Clutter raises $200-250M

Softbank is leading a round of funding that can help the Culver City firm expand
February 04, 2019 01:00PM

Softbank CEO Masayoshi Son and Clutter co-founders Brian Thomas and Ari Mir

Clutter, a Culver City-based on-demand storage company, is reportedly getting a cash infusion from a Softbank-led investor group to the tune of $200-250 million.

The round of funding could give the company a valuation of around $400-500 million, according to TechCrunch, which broke the story. The company wouldn’t confirm the funding, which hasn’t closed yet, and did not say how it would be utilized.

Clutter raised $64 million in 2017 in a Series C round from investors, including Sequoia Capital and Google Ventures.

Venture capital funding has poured into real estate startups of all stripes, big and small, over the last few years. Softbank, a Japanese conglomerate, is a titan among investors, pouring billions into new real estate ventures.

Co-working companies are particularly popular and they’ve used their VC cash to expand in the L.A. market.

Clutter is a full-service storage company that is meant to be completely hands-off for customers. A user books a pickup on the company’s app and movers will show up to pack up and drive the items to its storage facilities, where it digitally logs each item.

Because customers never have to go to a storage facility themselves, Clutter can store items at facilities outside metropolitan markets, which should be cheaper than storing them close to customers. Clutter will deliver the goods back to a customer within 48 hours of receiving a request.

Clutter is active in Southern California, the Bay area, Seattle, New York, and Chicago, according to TechCrunch. Competitors include MakeSpace, Closetbox, and Omni. [TechCrunch] — Dennis Lynch