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New York physical storage startup MakeSpace lands $8M in funding

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(Credit: MakeSpace) This image file contains the company logo of New York, US-based physical storage provider MakeSpace.MakeSpace
May 2
8:24 AM 2014

MakeSpace has just closed $8 million in funding to make physical storage work like Dropbox and Uber. The financing was provided by Upfront Ventures, OATV, Founders Fund, and other venture capital firms, according to VentureBeat.

The New York-based storage startup drops off bins for their customer's things, to be picked up later. The company then forms a visual catalog of all the things inside its storage facility using birds-eye photography. Customers who want to get their stuff back will be able to receive the bins within 48 years, the report detailed.

As of now, MakeSpace is developing an iPhone app that customers can use for real-time tracking of delivery vans. They will also be able to take photos that can be attached to bin profiles using the app, the report added.

Chief executive officer (CEO) Sam Rosen said: "We look very different from a traditional e-commerce company. For us, the transaction velocity is significantly lower than a FreshDirect or an Uber, where people need [those services] all the time,,, When we have a big hub between multiple cities, we look a lot more like an Amazon than a real estate play."

MakeSpace's services are currently available in New York, but it plans to expand to Washington D.C., Boston, Philadelphia, and other cities in the East Coast. With 20 employees in the team, the startup is looking to add 15 more people by the end of 2014, VentureBeat reported.

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