MyPorter, an Atlanta-based moving and storage startup, has closed an undisclosed round led by Florida Funders. The company states its goal is to surpass the goal of $3 million raised in the next 90 days.
According to co-founder John Foshee, the funding will primarily be used for expanding operations in Tampa within the next six months, where Florida Funders, a venture capital fund and angel investor network, is located. The decision to expand in Tampa was thanks to the city's rapid growth and Florida Funders' connections in the community. The startup and fund met at Venture Atlanta last year, one of the largest venture capital conferences in the Southeast. In addition to the funding, Chad Harrod, Florida Funders member and CEO of Harrod Properties, Inc., will join MyPorter's board of directors.
“MyPorter is disrupting and will continue to impact the $40 billion residential storage market and has future plans to expand further into the $90 billion commercial storage market,” Tom Wallace, managing partner at Florida Funders, said in a statement. “We believe that MyPorter’s customer centric technology, efficient logistics, industrial-grade storage processes, and low cost storage services will make them a market leader for years to come.”
The new round brings MyPorter's total funding to more than $2 million. The raise comes one year after MyPorter raised a $2.2 million round led by a series of angels and CEOs with expertise in essential services, finance, real estate and technology. Among those investors include Wes Matelich, CEO of Rx Green Technologies, and Ken Haines, CEO of Atlanta-based The Wrench Group (Coolray, Mr. Plumber and BriteBox). The new round is likely in the $250,000+ range, according to a filing with the SEC.
MyPorter is a subscription-based service that picks up, catalogs and facilitates storage for customers' items. There are plans to expand MyPorter to four additional markets -- Miami, Orlando, Charlotte and Nashville -- in the next four years, according to a news release.
“MyPorter streamlines the chaotic storage process into a simple, painless process for customers and brings the storage industry into the digital age," Robert Crump, CEO and Founder of MyPorter, said in a statement. "Instead of multiple providers, stressful coordination, and days of work, MyPorter handles all of the logistics, inventorying, and storage in one seamless motion."
Launched in 2018, MyPorter has expanded its fleet to more than 10 trucks and accounts for more than 250,000 square footage of warehouse space. The company employs more than 30 full-time employees.
