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29 May 2020

Inside Iron Mountain's MakeSpace Investment


Story originally published on SpareFoot.

Document storage and logistics company Iron Mountain is investing more money into MakeSpace, the full service storage company that offers pick up and delivery of customers’ stored items.

Iron Mountain led a $55 million Series E founding round for MakeSpace, which included participation from 8VC, Upfront Ventures, Maywic Select Investments, Ten Eighty, Provenio Capital and CX Collective. The funding round includes equity financing and some debt. The latest founding round brings MakeSpace’s total raised to $150 million to date, according to Crunchbase.

The latest funding round follows a $30 million round last March, which was also led by Iron Mountain. That funding helped MakeSpace expand to 20 new markets and develop new product offerings including disposal and shredding, and Seasonal Closet—a special storage offering for clothing that launched in NYC earlier this year.

“It has been amazing to see what MakeSpace has accomplished in the past year alone, growing from 4 to 24 markets almost overnight, and adding another 7 in 2020. They have taken a unique approach to storage that answers the modern customer’s demand for convenience, using technology to enhance the service and grow at an immense scale,” said Deirdre Evens, Executive Vice President and General Manager of North America Records and Information Management at Iron Mountain.

Like traditional self-storage providers, MakeSpace has been able to continue operations over the course of the COVID-19 pandemic. According to a press release, the company has seen “increasing growth due to the convenience and flexibility it offers customers.” The company extended discounts to students forced out of dorms in March and has offered free storage to small business impacted by the crisis.

“As we think about what the post-COVID world will bring, the current realities have only reinforced the significance and importance of space. With everyone spending more time at home, it’s more important than ever that we’re able to offer customers a convenient, affordable, and safe storage solution,” said Rahul Gandhi, co-founder and CEO of MakeSpace.

To date, MakeSpace has scaled to 31 markets across North America, offering a growing number of storage-related services to home and business customers.

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