LOVESPACE makes room for growth

LOVESPACE makes room for growth

A London SME looking to shake-up the UK’s £400m self-storage industry is set for further growth after reaching out to the crowd.

LOVESPACE is a pioneering by-the-box storage service, founded in 2012 by Brett Akker, co-founder of car sharing company Streetcar.

The company aims to disrupt the self-storage industry, doing to it what Uber did to taxis, Ocado did to supermarket shopping, and Streetcar did to car rental.

Unlike traditional self-storage, customers can store anything from one box at a time, paying only for what they store, and without leaving their front door.

Customers simply tell LOVESPACE how many items they would like storing and for how long they need to be stored for.

From there, the company collects the items from their home anywhere in the UK and store them in their secure storage facilities.

After a successful crowdfunding campaign in May 2014 (when the company raised £1.6m at a £4m pre-money valuation) it has now returned to Crowdcube to raise a further £0.5m of equity.

Co-founder and chief executive Steve Folwell told BQ: “We decided to go back to Crowdcube for this raise following an extremely successful experience on the platform in 2014.

“The fact that we overfunded our previous target by 260% and that many of our Crowdcube investors have followed on in subsequent rounds, has really convinced us of the long-term benefits of acquiring investors through crowdfunding. 

“Our campaign this year is going very well, and currently stands at 60% of our target after just 2 weeks.  It's been particularly encouraging to see a number of our customers investing this time too - it's great to hear of customers who are so happy with our business that they want to own a piece of it!”

With seven days left at the time of writing (26 May), the company has so far managed to raise £304,700 of their £500,000 target from a total of 158 investors.

The company hopes the £500,000 will help accelerate their growth with new marketing campaigns and the developing of new technology which includes a bespoke app.

To find out more about how the business works, watch this short video: