Neighbor is a national peer-to-peer self-storage marketplace
March 25, 2021: Neighbor Inc. has raised $53 million in a Series B funding round led by Fifth Wall, a venture-capital firm focused on the global real estate industry and property technology. Neighbor intend to use the fund for its continued national expansion and market awareness, according to the source.
The new investors CEO of DoorDash Tony Xu and StockX CEO Scott Cutler will serve as the company advisors. Silicon Valley venture-capital firm Andreessen Horowitz, which led a $10 million Series A funding round in January 2020, also contributed to the latest round, the source reported.
Recent population trends have helped to increase the growth of the company, including a wave of exodus from urban areas and others related to the coronavirus pandemic.
“If you think about it, fundamentally on the demand side, everyone’s moving out of these major metro areas like New York and San Francisco, and are moving to these more rural locations. All that moving activity has created a lot more storage demand. In addition to that, people are just spending more time at home and cleaning out their homes more. And they no doubt need storage as a result of that.” Said by Joseph Woodbury CEO of Neighbor Inc.
Neighbor started expanding its commercial real estate footprint last year, the company targeting businesses that want to turn unused space into revenue-generating storage areas. The move attracted Fifth Wall, whose limited partnerships include more than 65 of the world’s largest real estate operators. Partners Acadia Realty Trust and Jamestown LP are leveraging properties into the Neighbor platform, according to the source.
“We are sort of the bridge between the largest owners and operators of physical real estate assets and the most disruptive technologies that are impacting those property managers and landlords. And Neighbor fits perfectly into that thesis for us.” Said by Fifth Wall partner Dan Wenhold.
Neighbor Inc. based in Lehi, Utah, offers peer-to-peer storage in the state, though its platform invites hosts to connect with storage seekers anywhere in the nation, according to its website.