What is SoftBank’s newest real estate venture?
SoftBank’s Vision Fund has invested billions of dollars into real estate technology, including WeWork, Opendoor and others. Now, it’s venturing into a new corner of real estate.
The company said it led a $200 million funding round into Clutter, a storage service company that includes picking up and dropping off user’s items. The investment takes Clutter’s valuation to $600 million.
Justin Wilson, a director at Vision Fund who will join Clutter’s board, said that the company sees real estate as a service and that Clutter is taking great advantage of the U.S. storage market. Other competitors in the storage industry simply offer customers a place to store items for a monthly fee.
The Latest News
Delivered To Your Inbox
Clutter CEO and co-founder Ari Mir said the new investment will give the company a chance to expand in current markets such as Los Angeles, New York and San Francisco, as well as opening up to new cities.
“Ultimately if you’re as long-term focused as we are, working with a partner like the Vision Fund was an ideal match for us,” said Mir. “Whatever dilution that we may have or have not taken as part of this round is nominal as you look at our business over the next few decades.”
Latest on Daily Digest