Hong Kong storage start-up Boxful raises US$6.6 million in Series A funding round
Storage start-up Boxful has closed a HK$51.1 million (US$6.6 million) Series A funding round, the company announced on Thursday.
Founded in Hong Kong in January, Boxful offers customers in the city a boutique self-storage option for upwards of HK$29 per month. Customers can have boxes delivered and picked up as they need and can view their stored items online through the company's app.
"With the help of our investors, we're shaping valet storage to be a seamless part of city dwelling, and changing how people in Hong Kong use their living space," said Norman Cheung, Boxful co-founder and chief executive.
Investors in the latest round of funding included Great Eagle, Arocrest Captial, Tinghsin Group, and Londsdale Capital, among others. Boxful previously raised US$1.5 million in seed funding at the beginning of this year.
"Since our launch, the rate of adoption has been very encouraging, which gives us the confidence to scale up in Hong Kong and bring this model to other markets," Cheung said, though he told the Post that overseas expansion would likely not take place until at least 2016.
Boxful did not reveal its current valuation based on the latest funding round.
Though one of the best-funded players in the self-storage market, the company has faced increased competition in Hong Kong from local and international companies, including Spacebox, Klosit, StuffGenie, GoNLive and Vault Dragon.