US based start-up Neighbor secures USD 53 Million

Lehi, Utah, US based start-up Neighbor has raised USD 53 Million on 24th of March, 2021 in a Series B funding round led by Andreessen Horowitz along with some new investors.

Investors: The acquisition of USD 53 Million took place in a Series B funding round led by Andreessen Horowitz, DoorDash CEO Tony Xu, Stock X CEO Scott Cutler along with previous investor Uber CEO Ryan Graves.

What the funding is for: The company took the last fundings of USD 10 Million in January of 2020. According to the sources, the fresh funding would be utilised for a self- storage marketplace after 5x YoY revenue growth. 

Founders of the company: Colton Gardner, Joseph Woodbury and Preston Alder

Founded year: 2017

About the company: Neighbor is a privately held internet organization which specializes in the field of public storage, economic empowerment, sharing economy, and peer- to- peer marketplace. It operates under information technology, logistics, real estate and rental industries. It connects people who have space in their homes, garages or apartments to renters who are looking for affordable storage. The headquarters of the company is established in Western US and they have a work strength of 11- 50 employees.

What the CEO has to say:

 “We really grew into a national business over the last year and now have active renters in more states than Public Storage, which is a USD 43 billion publicly traded company.”

“If you think about it, fundamentally on the demand side, everyone’s moving out of these major metro areas like New York and San Francisco, and are moving to these more rural locations. All that moving activity has created a lot more storage demand. In addition to that, people are just spending more time at home and cleaning out their homes more. And they no doubt need storage as a result of that.” — Joseph Woodbury, Co- Founder of the company.

What the investors have to say:

“We are sort of the bridge between the largest owners and operators of physical real estate assets and the more disruptive technologies that are impacting those property managers and landlords, And Neighbor fits perfectly into that thesis for us.”

“After introducing Neighbor to a short list of Fifth Wall’s strategic LP partners, the feedback the firm got was fantastic. A lot of owners in retail, office and even multi- families expressed interest in working with neighbors to help monetize space.” — Dan Wenhold, Partner at Fifth Wall.

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