Travel tech start-up CityStasher has raised funding of $1.1m to expand its presence across 10 European countries.
The London firm is building what it describes as an ‘Airbnb for luggage’, a sharing economy network of local shops, hotels and venues where travellers can leave their luggage for a few hours or days at a cost.
The seed funding round was led by Venture Friends and backed by HOWZAT Partners, Charlotte Street Capital and angel investors including Big Yellow Storage CEO James Gibson.
“We’re delighted to have brought together such an illustrious team of backers to support CityStasher’s next phase of growth,” said chief executive Jacob Wedderburn-Day.
“Venture Friends, HOWZAT Partners, Charlotte Street Capital and our angels, including our pre-seed funder James Gibson, bring with them a wealth of expertise from across the leisure, hotel and storage spheres which will prove hugely valuable as we look to further our European expansion.”
Th funding round follows on from a strong 2017 for CityStasher, during which it successfully stashed 50,000 bags and increased the number of ‘StashPoints’ in its network to 200, with locations across the UK, Paris, Amsterdam and Berlin.
The company will use the investment to accelerate its European expansion, with its sights set on having a significant presence across 10 European countries outside of the UK by the end of 2018, including France, Germany, Italy and Spain.
Wedderburn-Day added: “2017 was a phenomenal year for CityStasher; our team doubled in size, we established a presence in every major UK city, and our European expansion began in earnest. This round will add further fuel to our momentum, with 2018 on course to be a fast-paced, exciting year for the business.”
“We want to provide a safe, convenient and affordable option for every single laden-down traveller.
“We’ve already safely stashed 50,000 bags and we predict that 2018 will see this number increase dramatically as we rapidly expand our European presence and start to map out our global ambitions.”