New York-based MakeSpace received USD 1.3 million in private equity funding to launch its storage-on-demand enterprise. Private equity firms Upfront Partners (formerly GRP Partners), High Peaks Venture Partners, Lowercase Capital and Collaborative Fund committed capital for MakeSpace. The company said it would be raising USD 200,000 more through crowdfunding platform Angel List.

Founded by Sam Rosen, the first Entrepreneur in Residence at Upfront Ventures, the idea for on demand storage came when he was helping his girlfriend look for her winter boots. The boots had been stored after Sandy ravaged her home in Hoboken.

Now, Rosen is the CEO of the service offered to New York City residents. Customers would be able to store their things at the MakeSpace secure warehouse for a fee. An employee would deliver plastic storage bins where customers can pack their belongings. The storage cost per month is USD 25 for 4 bins, with every additional bin costing USD 6.25.