Boxful locks down series A funding as Hong Kong’s storage wars ramp up

Boxful, one of several Hong Kong startups that are shaking up the storage industry, revealed today that it has locked down US$6.6 million in series A funding. This round augments the US$1.5 million in seed funding raised in December.

Like its competitors, Boxful makes storing stuff in a lock-up easier by applying some Uber savvy to what used to be a clunky offline process. It offers by-the-box storage, with free door-to-door delivery and pick-up. In humid Hong Kong, the storage units are climate-controlled. CEO Norman Cheung calls it “valet storage”.

Founded in October last year, the startup now claims to have thousands of users, and its eyeing up expansion across Asia, though the next market has not yet been ear-marked.

The startup is up against local rivals like Spacebox, Klosit, and StuffGenie. In a city where space is limited and new home buyers are being forced into so-called mosquito apartments that are barely any larger than a generous parking space (and which cost around US$500,000), the idea of web-connected storage facilities holds a lot of promise.

See: Storage wars: Hong Kong startups in scramble to help people save space

Boxful’s investment comes from Great Eagle, Arocrest Capital, Tinghsin Group, Lonsdale Capital, Soundwill Holdings, Vega Properties, Carlton Holdings, and several unnamed angel investors across Asia.