Updated 09/14/21 – Stora has received additional investment from self-storage entrepreneur David Milton. The undisclosed amount will triple his stake in the company, according to a press release.
“Closing another round of funding from such a respected industry leader like David not only helps propel Stora into the right markets for growth, it’s also an exciting validation of the industry that this what we do has an impact,” Shields said.
“Since investing earlier in the year, Stora has rapidly expanded its customer base both inside and outside the UK,” said Milton, who also sits on the board of directors of Store. “The shift to online reservations, payments and automation is an exciting development in self-storage that simply cannot be ignored.”
05/04/21 – Stora, a UK-based startup that offers all-in-one management and sales software for self-storage operations, has raised £500,000 to expand into the UK and enter the US market. The infusion came from a funding round led by venture capital fund manager Techstart Ventures LLP, as well as an investment from self-storage entrepreneur David Milton, according to a press release.
Stora launched three months ago, offering a web suite that provides facility operators with a corporate website with integrated management software. The platform was built by StoreStuff Self Storage, which operates a facility in Portadown, Northern Ireland. The company developed its own product because it couldn’t find a single solution that offered everything it wanted, said Gavin Shields, CEO of Stora and founder of StoreStuff. “Stora is the secret sauce behind the rapid growth of our own installations business, and we’re excited to make it available to the wider industry,” Shields said.
Stora’s website solution facilitates online unit reservations and payments as well as automated processes such as recurring billing and customer registration. The facilities management system allows operators to customize the website, assign units, set unit rates and review business metrics, the statement said.
“The coronavirus pandemic has accelerated the self-storage industry’s adoption of online technologies such as contract signing and identity verifications,” Shields said. “We fundamentally believe the self-storage industry is moving online the same way airlines, hotels and countless other industries did years ago. Not having online reservations and payments on your website will become a major competitive disadvantage as customers increasingly seek convenience and speed during the reservation and move-in process. At Stora, our goal is to make it easy for all operators to go online. »
“I believe in [Stora] team’s vision of an industry that is moving increasingly online,” said Milton, who sold London-based ABC Selfstore to Shurgard Self Storage Europe SARL in 2018 for £50m. “I have seen the technology up close in their own facilities and believe Stora is well positioned to not only benefit from this change, but to drive it. Having already attracted customers across the UK at this early stage shows the demand for a modern web-based solution in this industry.
Milton and his brother, John, founded ABC in 1993. At the time of the sale, the company’s portfolio included three freehold properties in Greater London. David served on the UK Self Storage Association Board from 2004 to 2009, including three years as Chairman.
Techstart operates in Northern Ireland and Scotland. It invests in tech start-ups and startups launched through university programs. It has £50m in equity and manages a £4.5m proof-of-concept grant fund, the statement said.
StoreStuff opened in September 2019. In addition to Portadown, the self-storage facility serves the communities of Armagh, Belfast, Craigavon, Dungannon and Lurgan.
Self-Storage Veteran Stora Triples Its Stora Stake as Industry Moves Online
Either way, self-service storage software provider Stora raises £0.5m