26 Mar 2019
Yesterday, I read an article published by Compelo.com, a UK-based multimedia website featuring 15 sharing economy companies that are looking to disrupt their traditional industries. Making its way on the list - among Uber, ZipCar and JustPark - was Stashbee.
Stashbee, coining itself as a "marketplace for cheap self storage" in London, allows people to search for storage through a wide range of garages, warehouses, basements and spare rooms. Renters can store household items, business goods, and even rent car spaces (parking).
The company was founded in January 2016 and is currently listed on Seedrs.com, an equity crowdfunding website for investors to invest in businesses they believe in.
According to Trustpilot.com, out of 131 reviews, the company has received an Excellent, five-star rating.
The company estimates that there are 1.5 billion square feet of under-utilized space in warehouses, spare rooms and garages in the UK, which is sitting idle and untapped.
Stashbee has been featured by the BBC, The Times, Mail Online, The Sun, Esquire, to name a few.
The website has "featured listings" on the homepage including an image of the storage space, price, and square feet available. Stashbee is like Airbnb for domestic and business storage.
The platform connects those who need space with individuals and businesses that have it to spare. Stashbee offers secure, vetted, local spaces at affordable prices all while empowering "Hosts" to earn additional income.
Stashbee automates the end-to-end booking process, including processing payments, and offers a dashboard for Guests and Hosts to interact and manage bookings.
Stashbee collects monthly payments from Guests who are renting a Stashbee Space, and then pays their Hosts. Its revenue model involves charging a Service Fee of 20% on each monthly transaction.
A renter can purchase insurance, powered by Guardhog and underwritten by Hiscox and is specifically designed for peer-to-peer storage, to cover people's stored items.
Stashbee claims its process is safe and secure by running ID checks.
The minimum rental period is one month, but Hosts can set their own minimum.
If Guests are delinquent with payment, a late payment fee of between £10-£15 may be applied. Hosts will be paid irrespective of customer payment up to a maximum of two monthly installments where a Guest has not paid.
If a customer stops payment, Stashbee will attempt to re-establish payment. If payment is not re-established, stored items will be removed, donated, recycled or sold by one of Stashbee's partners. Details of this process can be found with the company's terms and conditions.
Learn more about the business model.
