The pandemic dealt a massive blow to commercial real estate, and many offices are still sitting empty or underutilized as employees continue working remotely or in a hybrid environment.
Stuf, a NYC startup founded in 2020, might have a solution for commercial real estate owners. The company converts basements, garages and other windowless spaces in commercial buildings into self-storage facilities, and then it rents these facilities to people and businesses who prefer a storage facility close to home instead of a large warehouse in the suburbs.
Stuf currently operates in NYC, LA, San Francisco, Seattle, Boston, Atlanta and Washington, D.C. The company plans to expand its footprint in these markets and branch to new markets with the help of an $11 million Series A financing round.
The funding, which was announced Thursday, will go toward improving Stuf’s technology and investing in brand awareness. Funds will also help the company double is nine-person team across all functions, including real estate, engineering, marketing and operations.
Stuf founder and CEO Katharine Lau said in a statement that people who store their belongings at a Stuf storage facility visit their space three times more often than the industry average “because we make storage easy with our wonderful customer experience, location accessibility and tech enablement.”
“We have proven the concept across multiple markets and asset classes — office, multifamily, retail and hotel — and we value our institutional landlord partners who continue to grow with us,” Lau said.
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