UPDATED, May 21, 10:35 a.m.: A few months after a cash infusion courtesy SoftBank, Culver City-based storage startup Clutter has swallowed up a competitor.
Clutter has purchased the storage business of Bay Area-based Omni for an undisclosed sum, according to TechCrunch. Omni will remain an independent company and now focus on its platform that allows people to rent personal items from other users. Omni launched in Los Angeles last month.
Some of that acquisition cash likely came from the $200-250 million it raised in a SoftBank-led round of funding in February. The firm previously raised $64 million in 2017.
At the time, Clutter wouldn’t say how it would use the money, but Clutter CEO Ari Mir told TechCrunch on Friday that the company has been working on the deal since at least March.
For the user, Clutter functions much like traditional moving and storage companies — employees show up, pick up items, and store them until you want them back.
Behind the scenes it’s a little more complex. Clutter takes photos of stored goods, catalogues them digitally, and stores them in large facilities in cheaper markets outside metro areas. In theory, that should allow Clutter to cut down on costs.
Clutter is one of dozens of real estate tech — also called proptech — that’s attracting venture capital cash. L.A. is a popular market for startups and many are based in the area. Last month, commercial platform Truss launched in the city after raising $15 million. [TechCrunch] – Dennis Lynch