Vertoe Secures $1.85M Seed Funding

by StartupWorld Staff         

Vertoe, which is a New York-based on-demand short-term storage company has now raised an amount of $1.85 Million in the funding round of Seed. The round was led by some of the leading investors which include the lngwe Capital with collaboration with the FF venture capital, Techstars and some of the several angel investors. The company as of now has a plans to use the funds to expand its development services into some of the new markets.

The startup which is founded in the year 2016 by the Sid Khattri and Neha Kesarwani, Vertoe offers some of the multiple affordable luggage storage locations close to major transit areas and the key tourist spots.

Users can just simply book Vertoe storage solutions online with the help of a company website or using the mobile application. Users can enter a street address for the place in which they would like to store their luggage as well as their preferred drop off and pick up the date and time, and the service will display the locations nearby that fit according to their needs. Bags are stored by the business with a uniquely coded tamper-proof seal which is provided at free of cost by the storage location. Vertoe covers up to $3000 in a damaged or the lost goods for every booking, and all storage locations have been vetted, verified and trained by the company officials. The price starts at the cost of $5.95 per day, with discounts on the weekly or the monthly rentals.

As of now, this service is available in Washington D.C, Boston and Philadelphia. From around 18 months, the company has collaborated with the hundreds of small business and stored around more than 70000 bags.

vertoe secures $1.85m

The company officials said that the “Vertoe is a very unique and novel concept. Instead of creating new storage facilities, it uses unused space in local shops and small businesses to help people who have short-term storage needs like – luggage storage before check-in or check-out or when they are stuck outside their favorite sporting event or concert where backpacks are not allowed. These are problems that historically went unserved in society due to the lack of affordable and convenient solutions. Much like Airbnb, Vertoe operates as a marketplace and the model can be scaled very quickly.”


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