Clutter acquires The Storage Fox for $152M to add self-storage to its on-demand platform
The world of on-demand storage has seen some ups and downs, with some of the biggest hopefuls pivoting into new areas, some as unrelated as cryptocurrency, in the search for better product-market fit. One that found its groove early on, however, is today announcing an acquisition to expand its existing business into a new market category. Clutter, the on-demand removals and storage company backed by SoftBank, is today announcing that it has acquired The Storage Fox, a startup that will spearhead Clutter’s expansion in to self-storage services in urban locations, starting first in the New York metro area where The Storage Fox is currently active.
The deal is valued at $152 million, Clutter said. Ari Mir, Clutter’s co-founder and CEO, added in an interview that Clutter did not need to raise any extra funding to finance this acquisition, but said his company is likely to be taking on more financing in the future for growth.
To date, Clutter has raised $310 million, according to PitchBook, including a $200 million round earlier this year led by SoftBank that valued the company at $600 million post-money. Future financing is likely to come in the form of debt to acquire property, as well