Neighbor

Peer-to-peer storage marketplace for unused space

Lehi, Utah, United States

About Neighbor

Neighbor connects individuals who have unused space, like garages and basements, with those looking for affordable storage options. The platform allows homeowners to rent out their extra space, providing a flexible and cost-effective alternative to traditional self-storage facilities, often at half the price. Unlike conventional storage options that come with high costs and strict contracts, Neighbor offers a peer-to-peer model that meets the high demand for storage in the U.S. market. The company earns revenue by taking a percentage of the rental fees, creating a win-win situation where hosts can earn extra income while renters save money. Neighbor aims to create a secure and trustworthy environment for these transactions.

Lehi, UtahHeadquarters

2017Year Founded

$65.3MTotal Funding

DEBTCompany Stage

Fintech, Consumer GoodsIndustries

51-200Employees

Benefits

Stock Options

Medical Insurance

Dental Insurance

Vision Insurance

Unlimited Paid Time Off

Paid Holidays

Hybrid Work Options

401(k) Retirement Plan

On-site gym/showers open 24/7

Risks

Increased competition from traditional storage companies adopting digital platforms threatens Neighbor.

Economic downturns may reduce consumer spending on non-essential services, impacting Neighbor's revenue.

Legal challenges related to zoning laws could pose risks to Neighbor's business model.

Differentiation

Neighbor offers a peer-to-peer storage model, unlike traditional storage companies.

The platform provides storage at 50% of the usual price, enhancing affordability.

Neighbor empowers homeowners to monetize unused spaces, creating a unique income stream.

Upsides

Rising urbanization increases demand for external storage solutions, benefiting Neighbor.

Growing interest in minimalism drives demand for affordable storage options like Neighbor.

The sharing economy trend boosts consumer comfort with peer-to-peer transactions, aiding Neighbor.

Funding

Total raised$65.27 M

Latest valuation$265.00 M

StageDEBT

DEBT

3/31/2022

N/A

SERIES B

2/28/2021

$53

$265.00 M

SERIES A

12/31/2019

$10

$50.00 M

SEED

2/28/2018

$12.50 M