LuggageHero adding 36 more cities after $1.4 million in funding
Leading storage service will use the funds to expand into 36 more cities in North America and Europe
Luggage-storage network LuggageHero announces an investment of $1.45 million, led by $1.15 million from venture capital firm Nordic Eye, with additional funds coming from the Danish Growth Fund (Vaekstfonden) and Innovation Fund Denmark (Innovationsfonden).
The financing will be used to expand LuggageHero sites into 36 additional cities. The service currently operates in New York City, London, and Copenhagen, providing travelers with more than 300 luggage storage locations throughout the three cities. The expansion is expected to provide an additional 1,700 storage locations, bringing service to 39 cities by January 2020.
The first nine cities to be launched, in spring 2019, are San Francisco, Boston, Chicago and Montreal in North America; and Barcelona, Lisbon, Madrid, Paris, and Rome in Europe.
Meanwhile, LuggageHero’s vetted vendors, which are compensated for storing luggage, benefit by having extra revenue as well as greater foot traffic and visibility. LuggageHero also is adding third-party integration, which will widen the path to partnership and profitability.
Danish founder and CEO Jannik Lawaetz hatched LuggageHero from personal experience as a traveler and Airbnb host, where more than half his guests would ask for a place to leave their bags on checkout day. The company has raised a total of $2.25 million over two rounds. Since launching, LuggageHero has experienced double-digit monthly revenue growth and is on its way to becoming the world’s leading luggage-storage service.