Vertoe, a NYC-based on-demand short-term storage company, raised $1.85m in seed funding.
The round was led by Ingwe Capital, with participation from ff Venture Capital, Techstars (Vertoe is a NYC Winter 2018 Program graduate), and several angel investors.
The company plans to use the funds to expand its service into new markets.
Founded in late 2016 by Sid Khattri and Neha Kesarwani, Vertoe offers multiple affordable luggage storage locations close to major transit areas and key tourist spots.
Consumers can book a Vertoe storage solution online via the company’s website or its mobile app. Users enter a street address for the area in which they’d like to store their luggage, as well as their preferred drop-off and pick-up date and time, and the service will display the locations nearby that fit their needs. Bags are stored by businesses using a uniquely coded tamper-proof seal provided free by the storage location. Vertoe covers up to $3,000 in damaged or lost goods for every booking, and all storage locations have been vetted, verified and trained by the company. Pricing starts at $5.95 per day, with discounts for weekly or monthly rentals.
The service is now available in Boston, Philadelphia and Washington DC. Over the past 18 months, the company has partnered with hundreds of small businesses and stored more than 70,000 bags.