Boxbee Secures $5 Million in Series A Funding As On-Demand Economy Continues to Rise
Metamorphic Ventures Leads Series A with Participation from Home Improvement Giant
NEW YORK, Dec. 16, 2014 /PRNewswire/ -- Boxbee, an on-demand valet storage solution for urban dwellers in New York and San Francisco, today announced it has secured $5 million in Series A funding led by Metamorphic Ventures, with participation from Floodgate, Northgate and a home improvement giant, in addition to previous investors. Since its emergence from AngelPad in 2012, Boxbee has experienced 30 percent month-over-month growth and will use the funding to further the development of its superior backend technology, operations of deliveries, and propel 2015 expansion plans. Additionally, Boxbee's New York headquarters is currently in hyper-growth mode, and will leverage this fresh funding to aggressively acquire pivotal positions related to growth.
"Boxbee is the clear category leader amongst the re-imagined traditional storage industry companies," said Metamorphic Ventures Managing Partner David Hirsch. "Boxbee's patented logistics and technology system caters to three key themes that are shaping our environment currently - mobility, demand based, and catering to urban dwellers."
"At Boxbee we're passionate about providing our customers with a storage solution that provides the best level of service, quality, trust and efficiency," said Boxbee CEO and Founder Kristoph Matthews. "This recent round of funding will allow us to further our growth beyond our current bicoastal presence to other major metropolitan areas, and continue to provide this level of service at scale."
Investor interest in companies solving logistical problems is on the rise. According to a report from Sherpa, in 2009, VCs invested just $100 million in a handful of on-demand companies. In 2013, investments exceeded $1.3 billion with indications that momentum will be sustained in the coming years. According to Matthews, the influx of capital and popularity in on-demand services due to urbanization will prompt service providers to shift their delivery models to accommodate consumers and businesses leading to a demand of freelance workers able to fulfill delivery and associated job requirements. Additionally, Matthews believes on-demand services will play a much larger role for businesses than it has in the past. Just-in-time delivery, personal warehousing, on-demand labor and other mobile-enabled technologies are going to be crucial for brick and mortar retailers in next few years.
"There will be a dramatic shift in the market which will play out over the next year," Matthews said. "Technology and urbanization are two main attributing factors as to the evolution of the on-demand economy and there are no signs of either slowing down."
For more information about Boxbee, visit: http://www.Boxbee.com.
About Boxbee
Boxbee, which was founded in 2013, is a storage and logistics provider for homes and businesses. The idea is simple; Boxbee comes by, picks up your stuff, and stores your boxes in a secure location nearby. With offices in San Francisco and New York, Boxbee has also been named one of Business Insider's Best Startups of 2013, as well as being named one of The CNN 10: Startups for 2014. For more information, visit www.Boxbee.com.
Contact:
Allyse Sanchez
Barokas PR for Boxbee
[email protected]
925-548-2535
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SOURCE Boxbee
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