Second Closet Secures CAD$20M in Equity Financing

Second Closet

Second Closet, a Toronto, Canada-based self-storage company, raised CAD$20m in equity funding.

The round, which brings the total funds raised to date to $35.2m, was led by Whitecap Venture Partners alongside new investor Intact Ventures, with participation from MIG, Michael Hyatt, and Cowie Capital Partners. In conjunction with the funding, Intact Ventures will join the Second Closet board of directors as an observer.

The company intends to use the funds to accelerate its B2B market development, expand its product development team, round out its leadership through new executive hires, and grow the team in other parts of the business.

Founded in 2017 by Mark Ang, CEO, Second Closet is a tech-enabled logistics company and a partner for businesses of all sizes – from small e-commerce merchants to large national retailers, providing them with a customer-centric approach to fulfillment, including storage, pick and pack, shipping, and last mile delivery. The company, which has nine facilities across Toronto, Vancouver, Ottawa, and Montreal, has been focused on expanding its operations and building out a business-to-business (B2B) offering in the last year.