Softbank Leads $200 Million Investment in Clutter

CULVER CITY, CA — Clutter, an on-demand storage company that manages the pickup, storage and retrieval of your belongings, has closed a $200 million Series D funding round led by SoftBank Vision Fund with participation from Sequoia, Atomico, GV, Fifth Wall and Four Rivers.

This funding will accelerate the company’s expansion into new markets in 2019, including Philadelphia, Portland and Sacramento. It’s also doubling down in its existing markets in the greater areas of New York, San Francisco, Los Angeles, Chicago, Seattle, San Diego, Orange County and northern New Jersey, as it marches toward a goal of operating in America’s largest 50 cities and expanding internationally. As part of this investment, Justin Wilson of SoftBank Investment Advisers will join the company’s board.

Clutter offers storage for as low as $75 per month, based on a 5 x 5 storage unit in LA.

The size of the U.S. storage market is $38 billion annually. Nearly 10 percent of households use self-storage and there are more self-storage facilities in the U.S. than Starbucks and McDonald’s locations combined. By packing up and moving belongings outside the city, Clutter not only provides a step function better experience to customers, it delivers this service at price parity – or even lower – than your local self-storage.

“Before Clutter, the storage customer experience had been largely unchanged since the first self-storage facility opened in the 1960s. To store their stuff, consumers’ only option was to bear the burden of moving their items in and out of storage themselves,” said Clutter co-founder and CEO Ari Mir. “If people don’t want to leave the house to pick up Chinese food, why would they want to spend their Saturday renting a truck and lugging their stuff to storage?” Mir added, “At the end of the day, consumers want more time back – and that’s where Clutter comes in.”

“We believe that storage is a vast and traditional market with huge potential for disruption, and Clutter’s technology and superior customer proposition will help facilitate future growth in expanding urban communities where space is at a premium,” said Justin Wilson, director at SoftBank Investment Advisers. “Clutter is using technology to help people conveniently store and access their possessions on demand. We are excited to partner with Ari and his team to support the next phase of their growth into new domestic and international markets.”

The latest round brings Clutter’s total funding to $297 million. Since Clutter raised its Series C funding round in June 2017, the company has more than doubled its revenue and number of customers. Clutter has grown its warehouse footprint to more than 1.7 million square feet of leased and operated warehouses – that’s 30 football fields’ worth.