Self-storage marketplace that uses a unique peer-to-peer model to connect storage renters with those looking for places to safely keep their belongings, Neighbor, has raised an impressive $53 million in a Series B funding round.
Leading the round was Fifth Wall, with existing investor, Andreessen Horowitz of a 16z, and new backers, DoorDash CEO, Tony Xu, and StockX CEO, Scott Cutler.
Neighbor offers a unique way to repurpose under-utilized and vacant spaces. These spaces can be personal basements, attics, garages, or the empty floor of an office building. The ‘Host’ just has to put their space up on the Neighbor platform and someone looking for a safe place for their belongings can connect with a Host in the same way a traveler can book an Airbnb.
Unlike other aspects of the real estate sector, the self-storage industry has thrived during the pandemic. Neighbor has reported that its revenue increased some five-fold in 2020.
CEO and Co-Founder of Neighbor, Joseph Woodbury, said in a recent statement that there are already “tens of millions of square feet in big cities, small towns, suburbs and rural areas across all 50 states,” available to rent on the Neighbor platform.