Self-storage startup Stuf today announced it has raised $1.8M in seed funding led by Wilshire Lane Partners and Harlem Capital. The round accelerates the company's first mover advantage in monetizing underutilized real estate to bring modern, tech-enabled storage solutions closer to consumers.
Stuf is building a "right next door" storage network to deliver an elevated member experience powered by technology. The company partners with real estate owners via revenue sharing agreements to monetize basements, garages, retail, and other spaces to create new cash flow opportunities and provide amenities to building tenants.
"Stuf was born to address a common problem -- people have too much stuff and nowhere to put it. Traditional options are out of the way, inconvenient, and provide little to no customer service," said Katharine Lau, CEO and Co-Founder of Stuf. "Today, millennials use self-storage more than any other generation as they tend to live more flexible lifestyles. Additionally, women make up over 60% customers, yet traditional operators have done very little to serve this powerful customer segment. Stuf is on a mission to redefine the storage experience for the modern user, and I'm thrilled Wilshire Lane Partners and Harlem Capital will serve as strategic partners in that journey."
Today, the company has 3 locations with plans to continue growing it's national footprint in core urban markets by partnering with landlords across portfolios. Stuf CEO, Katharine Lau, previously led the real estate team at Industrious responsible for all supply-side landlord-facing growth, taking the portfolio from 12 to 100+ locations in 4 years while navigating a critical shift from traditional leases to landlord partnerships.
"Stuf is truly special because, business opportunity aside, two Black-led VC funds came together to invest in a business founded and run by a woman," said Henri Pierre-Jacques, Managing Partner of Harlem Capital. "Katharine stood out given her industry expertise, leadership and vision. We couldn't be more excited to be on the journey with her as she looks to alter the storage industry."
"It has been a pleasure to partner with Katharine and back her in the early days by incubating Stuf," said Adam Demuyakor, Co-Founder and Managing Partner of Wilshire Lane Partners. "She is a proven industry operator with a wealth of experience and relationships across both the real estate and technology sectors. Specifically, she knows what the self-storage industry needs and has been lacking for decades – particularly for millennials and women – and is well equipped to disrupt the industry in a major way."
The seed funding will enable Stuf to expand the national network, launch new technology, and refine the member experience. Stuf is poised to launch over 100,000 square feet in 2021 with plans to introduce new digital products over the coming months.
About Stuf: Stuf is a proptech company bringing modern storage solutions closer to consumers while delivering an elevated member experience powered by technology. It partners with real estate owners to monetize basements, garages, and other spaces to create cash flow opportunities and provide new tenant amenities. Please reach out if you are a real estate owner or investor looking to work together. For more information and team opportunities, visit https://stufstorage.com.
About Harlem Capital: Harlem Capital is an early-stage venture capital firm on a mission to change the face of entrepreneurship by investing in 1,000 diverse founders over the next 20 years. It makes investments of $500,000 to $1 million in Seed and Series A rounds. Please submit a pitch form if looking for investment.
About Wilshire Lane Partners: Wilshire Lane Partners is an early-stage venture capital firm that invests in startups sitting at the nexus of real estate and technology. The firm focuses on areas where technology is catalyzing evolutions in real estate utilization, such as tech-enabled self-storage, real estate marketplaces, co-living, e-commerce and last mile fulfillment, next-gen health and wellness, and ghost kitchens. Wilshire Lane Partners is based in Los Angeles.
