Neighbor Raises $2.5M in Seed Funding

Neighbor, a Salt Lake City, UT-based a peer-to-peer self-storage startup dubbed as the “AirBnB for Storage,” received $2.5m in seed funding.

Backers included Peak Ventures and Pelion Ventures.

The company intends to use the funds to expand its service to communities across the US.

Led by Joseph Woodbury, CEO, Neighbor connects people who have unused space in their homes, garages or apartments to renters who are looking for affordable storage. This allows renters to store anything from boats and trailers to boxes of extra stuff in nearby basements, closets and garages saving money in comparison of traditional self-storage. In turn, hosts are able to earn a residual income, by putting their empty space at work.

With the funding, Neighbor is launching a proprietary “store with a friend” feature, which connects Neighbor to a user’s Facebook profile to show which friends or mutual friends are also hosts or renters on the platform. This feature will offer users more personalized and localized storage options while allowing hosts to advertise their storage spaces to friends and family on social media.



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