Stowga, the UK based on-demand warehouse service raised £1.5 million in a seed round from Speedinvest, Anthemis, and Force Over Mass alongside previous backers Hambro Perks and Seedcamp. The company also signed a partnership and equity investment deal with CBRE.
The startup’s main premise is that warehouse space is being wasted. Stowga claims that the total warehouse market is valued at £180 billion, but 25% – 30% of warehouse space is underused. So they created an online platform for renting out empty space in warehouses.
CBRE will be using Stowga’s platform for it’s clients looking for short-term warehouse space.
The on-demand service has more than 4,000 warehouses listed in the UK and is looking to use it’s new investment capital for new market expansion, with Germany, France, and the Netherlands as potential options. “In the past six months our average deal size has tripled – reflecting the size of the companies that are signing up with us,” said the company’s CEO, Charlie Pool.