Raises Funds, Buys Competitor Parkhound

Posted by on Jan 30, 2018 in News | Comments Off on Raises Funds, Buys Competitor Parkhound Raises Funds, Buys Competitor Parkhound

With self-storage booming across Australia, it can be hard to find cheap storage in Campbelltown, what with all the occupants taking spaces everywhere. Likewise, the market is seeing quite the bit of activity. Pty. Ltd., a peer-to-peer (P2P) self-storage marketplace based and operating in Australia, has recently worked on raising AU$2.7M in funds, which they will then use to acquire its competitor, Parkhound, as well as funding additional expansions and developments. The purchase will add Parkhound’s 55,000 customers and 10,000 parking spaces to the growing network operated by Spacer, though, according to them, Parkhound will continue to operate as its own brand.

Once the company has been acquired, Parkhound’s two co-founders, Robert Crocitti and Michael Nuciforo will be tasked with advising Spacer on how to handle the Parkhound brand once the transaction has been finalized.

CEO Michael Rosenbaum;, said in a statement that the aim of this acquisition is to ease Spacer into working alongside commercial operators, whether in parking or property, among others, in order to help them bring in profits using their excess space. He adds that Spacer itself is looking on establishing itself and growing in the US market, as part of the company’s long-term goals, which is aimed at spreading operations across the world. To that end, Spacer has a partnership with Costockage, another P2P self-storage marketplace, one based in Paris, France.

Costockage and Spacer partnered together back in April of 2016, with the aim of expanding both brands into the Asian market. Following that, Spacer acquired Roost Shared Storage Inc. in March. Roost Shared Storage launched itself in San Francisco, with additional operations in Boston and New York.

Rosenbaum says that, with cities becoming denser than ever thanks to urbanization, apartments are cutting down on space, allocating only one parking space for the usual two-bedroom unit, which meant that parking rental space, which tends to go hand-in-hand with self-storage, was very much in demand. He says that the issue is that the demand is several times larger than supply.

Spacer’s further plans for expansion include entering the Chicago and Washington, D.C. markets. The company operates by connecting people who need storage space with homeowners and businesses with extra space that they can rent away, in exchange for a 15% commission.