Growth Capital supported Radical Storage in closing a $7M Series A round
octubre 23, 2024

We are pleased to announce that Growth Capital served as exclusive financial advisor to Radical Storage in its closing of a $7 million Series A round.

Radical Storage is a global online platform allowing travelers to temporarily store their luggage using spare room of local businesses. With over 9,000 storage points in 1,000 cities and 70 countries, the service allows tourists to book storage in businesses like cafes and supermarkets, which can in turn benefit from extra income and increased customer base.

Co-leading the transaction are CDP Venture Capital through its Digital Transition fund, Azimut through Azimut Eltif Venture Capital – ALIcrowd III fund, and Opes Italia Sicaf, an impact investment fund. Finint Investments also participated in the deal, along with current shareholder Vertis, through its funds Vertis Venture 2 Scaleup and Vertis Venture 4 Scaleup Lazio. More than $2 million were raised through Mamacrowd’s equity crowdfunding platform, which welcomed over 100 investors.

“At Radical Storage, we believe in creating simple, impactful solutions that make travel more convenient for millions of people around the world. This funding will allow us to deepen our commitment to customers, expanding our network and improving our technology to offer even more flexibility and accessibility. We’re excited not only to scale our operations globally but also to support local businesses by driving foot traffic and new revenue opportunities. We’re incredibly grateful to our existing investors who have stood by us and believed in our vision from the beginning, and to our new investors, who are providing us with the right momentum to enter this next phase of growth. Together, we’re ready to take Radical Storage to the next level, changing the way travelers experience luggage storage forever.” comments Alessandro Seina, CEO and co-founder of Radical Storage.

“Radical Storage has built a platform that meets the needs of an evolving market, growing impressively over time to develop a global network with local partners and manage millions of bags in more than 700 cities. Their ability to connect supply and demand through an innovative model represents an excellent opportunity for digital transition in an industry such as traveltech that is expanding very rapidly. We are confident that with the support of the Digital Transition Fund the team will further accelerate international expansion.” comments Agostino Scornajenchi, CEO and General Manager of CDP Venture Capital.

“As Vertis, we are incredibly proud to have supported Radical over the last 4 years, betting on the founders’ vision and execution ability. As a long-term partner and shareholder, we’ve stood by Radical’s side through positive and critical phases, including the aftermath of the Covid-19 pandemic. By providing the necessary financial resources, we demonstrated our confidence in their resilience and ability to scale, even amid adversity. Now, the most exciting phase begins, with an ambitious investment plan over the next 18 months to drive international growth.” comments Amedeo Giurazza, Founder, CEO & Managing Partner of Vertis.

“As Growth Capital, we’re proud to have supported in its fundraising Radical, that has shown a steady growth path supported by solid unit economics. We believe this Series A will provide the company with the financial resources needed to accelerate international scaling and confirm its position as a global leader in its vertical.” comments Fabio Mondini de Focatiis, Founding Partner of Growth Capital.

Radical Storage plans to use the new funds to accelerate the conversion of new local businesses, aiming to reach a total of 30,000 by 2027. The company also plans to raise marketing efforts, optimize tech infrastructure, introduce new user features, and diversify operations by launching new business lines.