There’s plenty of speculation right now around apparently disgruntled investors in SoftBank’s Vision Fund, but the drum continues to beat and the checks continue to be written. The latest deal for the $100 billion mega-fund is Clutter, an on-demand storage company that pulled in $200 million in new financing for growth.
Eagle-eyed viewers will recall that TechCrunch broke news of an impending SoftBank-led round of that size back in January, and now it is official.
The startup is one of a number of companies that provide storage options for consumers who don’t want to part with items but equally don’t have the capacity to keep it where they live. The service is based around an app that is used to summon Clutter staff to pack up, take away, store and (later) return possessions, but it can also be used for regular house moving, too.
Competitors in the space include MakeSpace, Omni, Trove, Livible and Closetbox.
Joining SoftBank in the deal are existing Clutter investors Sequoia, Atomico, GV, Fifth Wall and Four Rivers, which fronted the company’s last round, a $64 million raise nearly two years ago. This new capital means that Clutter has raised $297 million from investors to date.
There’s no confirmation of a valuation for the startup, but our well-placed sources previously told us that this round would value Clutter at between $400 million and $500 million. One thing that is confirmed, however, is that SoftBank’s Justin Wilson will join the board.
The money will go toward expansion in the U.S. as Clutter explained in an announcement, but there are hints that it harbors overseas ambitions, too:
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.
“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 SoftBank’s Wilson in a statement.
Sources: Clutter is raising $200-250M led by SoftBank for on-demand storage and moving
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