Neighbor, the self-storage marketplace, has announced it has closed a $53M Series B funding round led by the fund focused on global real estate and proptech, Fifth Wall with support from returning investor Andreessen Horowitz and additional funding from DoorDash CEO Tony Xu and StockX CEO Scott Cutler, who will join former Uber CEO Ryan Graves and Overstock CEO Jonathan Johnson as investors and advisors to Neighbor.
“With a roster of investors and advisors hailing from the world’s largest marketplace operators, including Uber, Airbnb, DoorDash and StockX, Neighbor will use this sizable investment to rapidly expand its nationwide network of hosts and renters,” said Joseph Woodbury, CEO and co-founder of Neighbor. “Storing your personal goods in someone else’s space is rooted in trust and we’re proud to have expanded our community’s trust into tens of millions of square feet in big cities, small towns, suburbs and rural areas across all fifty states.”
In addition to leading the round, Fifth Wall has facilitated opportunities for Neighbor to partner with the firm’s extensive roster of strategic LPs — 65+ of the owners and operators of real estate from 15 countries. Fifth Wall partners Acadia Realty Trust and Jamestown have already begun onboarding properties onto Neighbor’s platform. This will add to Neighbor’s burgeoningcommercial real estate footprint, which grew 10X in 2020.
“Our firm ardently pursued the opportunity to invest in a transformative proptech business like Neighbor,” said Dan Wenhold, Partner, Fifth Wall. “Self-storage is the fastest growing segment of the commercial real estate industry for four decades running and Neighbor has already built an impressive business positioned to capture untapped demand for space in a smart and sustainable way.”
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