Neighbor, a Lehi, Utah-based self-storage marketplace, closed a $53M Series B funding round.
The round was led by Fifth Wall with participation from returning investor Andreessen Horowitz and additional funding from DoorDash CEO Tony Xu and StockX CEO Scott Cutler, who will join former Uber CEO Ryan Graves and Overstock CEO Jonathan Johnson as investors and advisors to the company.
The company intends to use the funds to expand its nationwide network of hosts and renters and make additional strategic hires.
Led by Joseph Woodbury, CEO and co-founder, Neighbor is a self-storage marketplace that connects people who have unused space in their garages, attics, basements and driveways to renters who are looking for affordable storage. The company is expanding its reach adding commercial and residential property owners turning under-utilized or vacant areas into meaningful passive income opportunities to the network.
Neighbor provides a $25,000 renter guarantee for items stored and a $1 million host liability guarantee so neighbors.