MakeSpace, the fastest growing on-demand storage company, and Iron Mountain Incorporated (NYSE: IRM), the global leader in storage and information management services, today announced a new partnership to bring consumer storage services to 24 markets. As a part of this transaction, Iron Mountain will join a $30M financing round for MakeSpace, and MakeSpace will acquire Stashable, Iron Mountains full-service, valet consumer storage business. This partnership combines MakeSpaces technology platform for consumer storage with Iron Mountains storage, transportation and logistics operations. Additionally, MakeSpace will become a storage customer of Iron Mountain and deliver an initial 2.1 million cubic feet of consumer storage.
By providing financial and operational resources, this strategic partnership with Iron Mountain will help MakeSpace immediately scale to 20 new markets — including San Francisco, Boston, San Diego, Seattle, Philadelphia and Toronto — bringing the companys total footprint to 24 markets. Iron Mountains network of facilities and operational resources give MakeSpace the opportunity to bring its best-in-class, scalable technology to new markets without the time and capital investment required. Iron Mountains capabilities will accelerate operational efficiencies for MakeSpaces existing storage service locations in New York City, Chicago, Washington, D.C. and Los Angeles, as well as position MakeSpace to quickly scale into new markets in the future.
While one in 10 Americans currently uses self-storage, each year about 40 million Americans move at least once, and much of that includes moving to major cities. With urban apartment sizes shrinking by 5 percent, the need for storage will only continue to increase. To meet this need for storage space, MakeSpace has grown revenue by an average of 117% per year over the past 3 years, revolutionizing the storage category by building a truly customer-first integrated platform, powered by advanced technology. MakeSpace utilizes data and machine learning to provide a convenient and seamless self-storage experience. Through AI-driven algorithms, customers are able to store and retrieve their items on-demand, receive optimal pricing, easily schedule appointments, track their pick-ups in real time, leave reviews and tip through the app, and view a secure photo inventory of stored items. When applied to Iron Mountains extensive resource network, MakeSpaces proprietary routing and workforce optimization technology will radically transform the growing $38 billion consumer self-storage industry.
Iron Mountain provides a massive global storage footprint, along with decades of operational experience. When combined with our industry-leading proprietary technology, customer service and scalable go-to-market strategy, we have the opportunity to be operationally superior to competitors and exceed consumer demand for hassle-free storage, said MakeSpace CEO Rahul Gandhi. Were thrilled to work with the leader in information management and secure storage as we work to achieve MakeSpaces mission of making more space easily accessible to everybody.
Were excited to join forces with MakeSpace on a consumer storage offering that will help change the market landscape, said Deirdre Evens, executive vice president and general manager, Records & Information Management, North America, Iron Mountain. Iron Mountains storage business has been built on securing and protecting valuable records and assets, a value proposition that can be extended into other categories and markets, from artwork, film and music assets to areas like consumers valued personal items. The combination of MakeSpaces consumer storage brand and front-end customer platform with our operational scale, expertise managing the worlds most valuable assets, and brand promise of trust and security will allow us to deliver even more value for across our storage network.
MakeSpace, founded in 2013, set out to make storage more consumer-friendly, creating an affordable storage service that allows consumers to store their belongings without lifting a finger. Customers can select a storage plan that suits their storage needs and manage items remotely through their digital catalog to easily view stored items and manage pick-ups and returns. MakeSpace is headquartered in New York City, and is now available in 24 markets across North America. Find out more at www.makespace.com.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across more than 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include information management, digital transformation, secure storage, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a digital way of working. Visit http://www.ironmountain.com for more information.
Melissa Barnes, MakeSpace
T. Potts, Iron Mountain