Heather Arranie 
Neighbor, an online self-storage marketplace, is quickly becoming a power player in the self-storage industry after raising an additional $53 million in funding for their business. In the past year, Neighbor has achieved 5 times more year-over-year revenue growth and is establishing itself as a leader in the space.
In this article, we will discuss how Neighbor is competing in the self-storage industry and what advantages they have over their competitors.
Overview of the self-storage industry
The self-storage industry is a booming industry with increasing demand for rental space. Self-storage units at commercial facilities have become an important part of American households, supplying convenient, safe and secure storage solutions for every kind of household goods. A self-storage unit is often used for a short period of time and can be leased on a month-to-month basis.
Self-storage has seen consistent growth in recent years due to various factors such as population growth, urbanization, rising housing prices and busy lifestyles which leave less room for extra storage space in the home. The global self-storage market is projected to grow from around 30 billion USD in 2016 to over 80 billion USD by 2023.
Furthermore, the emergence of online marketplaces for self-storage, such as Neighbor’s recently funded platform have made it easier and cheaper than ever to access this growing service industry. Their innovative technology changes the way customers view storage; they offer 24/7 customer support, easy and affordable pricing plans that are tailored to individual needs, as well as advanced security features like military grade encryption, temperature monitoring systems and more – all designed to make your valuable items safe no matter where you store them.
Neighbor raises $53M for self-storage marketplace after 5x YoY revenue growth
Neighbor is a technology-enabled real estate services company that is transforming the self-storage industry. Founded in 2016 and based in Las Vegas, NV, Neighbor provides a comprehensive self-storage platform that simplifies the process of renting, managing, and owning self-storage units. With tens of thousands of storage units already listed on their marketplace, Neighbor has established itself as a leader in the self storage industry.
To date, they have raised over $53 million in venture capital to invest in product development and growth initiatives. Their 5x year over year revenue growth demonstrates their incredible success in this rapidly growing market. By leveraging an extensive network of private owners and operators with industry leading technology and operational efficiency, Neighbor creates an enjoyable rental experience for customers while providing lucrative opportunities for its private owners/operators.
With offices around the US and expansion plans to Europe and Asia, Neighbor is positioning itself to become a global leader within the space.
Funding
Neighbor is a self-storage marketplace that has recently raised $53 million in funding to fuel its growth. This brings their total funding to $113 million, and signals a bright future for the company. Their 5x year on year revenue growth is an especially impressive feat in the self-storage industry.
Let’s take a closer look at the funding round and what it means for the company.
Raising $53M for self-storage marketplace
Neighbor, the premier self-storage marketplace, has recently seen 5x year-over-year revenue growth. To help continue their growth, Neighbor recently secured $53M in funding from a number of investors. This capital will support the expansion of their self-storage marketplace and its functions; powering Neighbor’s vision for a smarter, easier way to store your belongings.
In total, 38 investors participated in the funding round, including notable contributors like Founders Fund, Bessemer Venture Partners Brave Ventures and Founders Circle Capital. Other major contributions included Leadview Capital Atlas Ventures and Divergent Ventures. These contributors have stood with Neighborhood since it started five years ago and played essential roles in its success.
This latest round of funding is an opportunity for Neighbor to accelerate the development of its intelligent solutions to offer customers a more tailored storage experience. The capital raised will allow Neighbor to continue investing in product development while establishing new categories across different markets. As an industry leader who is constantly pushing the boundaries of technology, Neighbor hopes that this additional funding will push them forward into continuing growth not just as a platform but as an integral part to self-storage solutions for everyone everywhere.
Investors
In December 2019, Neighbor announced that it raised $53 million in a Series B funding round, with participation from Goodwater Capital and Signal Fire as new investors. Other notable investor partners in this venture include Viola Ventures, Tribal VC, Day One Ventures, and Accelerated Venture Partners (AVP). This brings the total funding to date for the company to $85 million.
Viola Ventures Managing Partner Haim Shani spoke on behalf of Nevigater’s investors after their Series B funding round: “The Neighbor team has demonstrated excellent execution and ability to recruit the best talent in their field. We are thrilled to continue supporting the company on its way of becoming a leader in the self-storage industry.”
Given their impressive 5x year-over-year revenue growth, these funds are expected to help Neighbor expand into new markets and further build out their technology capabilities as they work towards revolutionizing the self-storage industry. With access to new capital, Neighbor looks poised to become a leader in efficiency and cost savings through its cutting edge online marketplace platform.
Growth
Neighbor is revolutionizing the self-storage industry, having achieved 5x year-over-year revenue growth and recently raising $53 million in funding.
Neighbor has made strides in the industry, by building a more efficient and easier way for consumers to find and rent self-storage units.
This article will dive into the growth and success of Neighbor in the self-storage industry.
5x YoY revenue growth
Neighbor, a peer-to-peer self-storage marketplace in the US, has seen impressive 5x year over year (YoY) revenue growth since its inception. This remarkable growth has gained the interest of investors and enabled Neighbor to raise $53M in Series C funding.
Neighbor’s forward-thinking business model allows users to find affordable self storage solutions from locals. Neighbors rental rates range from 15% – 40% lower than traditional self storage operators. With the help of technology, Neighbor has created greater access and convenience for their customers who can book and pay for their storage units online. Alongside low overhead costs and long-term contracts, this avenue of growth has proved to be a major contributor to their success as an online platform.
Neighbor’s 5x YoY revenue growth is driven by advantages such as pricing transparency, security and community safety features provided by the app; as well as higher repeat customer rate due to loyalty benefits offered by Neighbor through referral programs and discounts on bookings of larger units or longer rentals. With a growing user base that expands across multiple cities throughout the U.S., Neighbor is poised to become an industry leader in the self-storage market.
Given these successes, Neighbor’s Series C funding will surely enable them to expand further into new markets around the world at a faster pace, as well as enabling them to continue improving their existing products with modern advancements such as artificial intelligence that can improve experiences for all players within the neighbor ecosystem—customers, landlords and employees alike.
Expansion into new markets
Neighbor, a self-storage marketplace, has recently announced a funding round of $53 million. The raised funds come as a result of impressive year-over-year revenue growth, which has grown five times since last year. This success has prompted Neighbor to expand their offerings into new markets with the goal of serving customers nationwide.
To serve these expanded markets, Neighbor is investing in technology and engineering capabilities to create a more accessible platform for both self-storage operators and customers. A significant part of the new capital will also go into expanding their national reach by establishing local offices and presence in strategic markets across the United States.
In addition, Neighbor is investing heavily in marketing initiatives to boost brand awareness among potential users as well as industry partners. They also plan to invest in additional talent acquisitions to help further develop their platform capabilities and customer service experience.
Through this expansion strategy, Neighbor hopes to revolutionize the self-storage market industry while providing an easy, secure option for those seeking storage solutions–regardless of location or situation.
Strategies
Neighbor is making waves in the self-storage industry, as the company has raised $53M for its self-storage marketplace after 5x YoY revenue growth. This incredible growth has been attributed to their innovative strategies, which have helped them become a leader in this industry.
In this article, we will take a look at the strategies that Neighbor has been using to achieve such success in the self-storage industry.
Leveraging technology
In the competitive self-storage industry, leveraging technology to enable more efficient marketing, customer service, and operational processes is key for businesses looking to maintain a competitive advantage. Neighbor, an online self-storage marketplace, is one such company that has done just that — utilizing automation and machine learning to power its business operations.
One way Neighbor utilizes technology is through automating many of its processes. Its technology platform helps home owners seeking storage units find nearby storage spaces in a fraction of the time it would normally take with manual searching. By automating customer service requests as well, Neighbor can quickly respond to user needs and make sure customer queries are responded to quickly and efficiently. Additionally, machine learning algorithms have been developed by the company to analyze customer data and review real time pricing data in order to provide customers with the best prices on storage spaces available.
Additionally, by leveraging big data analytics within its platform, Neighbor is able to deliver better insights about how customers are using their services. This provides a deeper understanding of customer behavior which allows them to refine their offering further as well as identify new opportunities in their given market space.
By investing heavily in tech-enabled solutions for its operational activities, Neighbor has seen 5x year over year revenue growth which has enabled it secure $53M in funding from investors — putting it at a commanding position within the self-storage industry space.
Offering competitive rates
As Neighbor aggressively expands in the self-storage market, they continue to focus on offering competitive rates to draw in customers. This strategy includes providing customers with a variety of options to make their storage stay flexible and reasonably priced.
Aside from flexible payment terms, Neighbor also offers discounts for large bookings and seasonally lower rates. These efforts help create strong incentives that make it difficult for customers to resist signing up for their services. Additionally, the company further promotes its competitive rates by developing partnerships with landlords and big box brands that may provide additional savings in certain regions of the US.
Neighbor also markets online through digital channels such as paid ads and SEO tactics, providing higher space utilization and increased visibility amid industry competition. Through optimized use of internal resources, such as driving traffic from current customer channels and launching joint campaigns with industry peers, Neighbor continues to generate high levels of brand engagement designed to draw in more customers looking for quality ad cost-effective storage solutions.
Investing in customer service
Investing in customer service is a key element of Neighbor’s approach to succeeding in the self-storage industry. The company has implemented several initiatives to improve customer service, which have driven increased revenue and market share.
First, Neighbor has created a strong relationship with customers by providing personal storage managers, who act as single points of contact for customers’ storage needs. This approach helps customers feel more confident about the safety and quality of the storage facility they are using, while also building trust with Neighbor.
Second, to ensure that its facilities are clean and secure, Neighbor provides 24/7 online access and personalized security services such as security cameras and automated access control systems. Not only do these measures help prevent unauthorized access to storage units, but they also create peace-of-mind for customers whenever they need to use their storage facility.
Finally, by providing innovative technology solutions such as an online marketplace and mobile apps for convenient coordination of moving services and truck rentals, Neighbor helps streamline the entire process from start to finish. These features give customers quick access to reliable resources that can help them move in or out quickly; thus making their experience more convenient and enjoyable overall.
By investing in customer service initiatives that prioritize convenience and reliability for its users, Neighbor has been able to set itself apart from competitors in the self-storage industry which has fueled its success over the past year.
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