Prime Highlight
- Cubby has raised $63 million in Series A funding led by Goldman Sachs Alternatives to scale its self-storage software platform.
- The investment will help the company expand its technology and support the growing digital needs of storage operators.
Key Facts
- Founded in 2022, Cubby serves more than 400 operators across over 2,000 self-storage facilities, including Atomic Storage Group and American Self-Storage.
- The funding round included participation from existing investors Third Prime and Bienville.
Background:
Self-storage software company Cubby has raised $63 million in Series A funding to accelerate product development and expand its presence across the U.S. self-storage market. The round was led by Growth Equity at Goldman Sachs Alternatives, with participation from existing investors Third Prime and Bienville, the company confirmed.
Founded in 2022 by Matt Engfer and Adam Fleming, Cubby provides modern software designed to replace outdated systems widely used in the self-storage industry. The company currently works with more than 400 storage operators across over 2,000 facilities. Its customer base includes well-known names such as Atomic Storage Group and American Self-Storage.
The self-storage industry may not always be visible, but it plays an important role in supporting personal and business storage needs, especially in growing urban and suburban areas. Many operators still rely on outdated software that is difficult to use and upgrade. Cubby aims to modernise the industry with a simpler and more flexible software platform.
Before launching Cubby, co-founder Matt Engfer had direct exposure to the industry. In 2023, he attended lien auctions in Texas, where abandoned storage units are sold without buyers knowing what is inside. These auctions revealed how unpredictable the business can be, with units containing everything from valuable artwork to items that are not permitted under storage rules. Engfer says these experiences gave him a clearer understanding of the everyday challenges storage operators face.
When Cubby launched, industry professionals were cautious about adopting a new platform. However, many recognised the need to move away from outdated systems and saw value in improved technology.
With the new funding, Cubby plans to expand its platform and serve more customers.