StoreEase, a local company that virtually manages self-storage properties, has received a seed investment led by New York-based Bienville Capital.
The Form D filings list the total seed amount at $2.8 million
StoreEase plans to leverage this investment to further advance the adoption of virtual management across the self-storage industry, it said. StoreEase's virtual manager works with customers at its managed facilities, providing live, remote service.
StoreEase manages nine self-storage facilities in Alabama, with an additional 10 planned to be added by the end of 2022 in the state and 50 to 75 in the rest of the country. Its largest property under management is a store in Hoover, which will open in April.
“We are setting a new standard of operations,” said Josh Boyd, CEO of StoreEase. “Our partnership with Bienville and the investment in our California-based engineering team is a testament to StoreEase’s commitment to further advancing its best-in-class technology platform focused on the delivery of live on-site management virtually.”
Companies in the space have opportunities for growth through acquisitions in the highly fragmented industry. But the ability to invest in a wide variety of properties and markets has been limited due to the high cost of traditional on-site models, StoreEase said. The company's virtual technology platform unlocks investment capital to flow into more areas of the market, and it says it can do so at a lower cost than more-traditional models.
“Our focus from day one has been to create a first-class experience for our customers at the facility level that reproduces the experience at the best-operated facilities in the world,” Boyd said. “When someone needs self-storage, it’s usually because of a stressful life event. Having a live person on-site to provide high-touch service during their time of need is a pillar of our mission and technology platform.”
StoreEase will complement its management services by launching a software-as-a-service model later this year, licensing the technology to independent operators seeking the same benefits for their management infrastructure.
“StoreEase has brought together a unique team, combining experienced software developers on the West Coast with industry veterans in the southeast,” said Brandon Pilot, partner at Bienville. “It is an exciting example of technology fueling real estate investment opportunities in a large and growing asset class.”
