Luggage storage solution Radical Storage has closed a $7 million Series A funding round.
The investment in the Italy-based business was led by CDP Venture Capital, Azimut ALIcrowd III fund and Opes Italia Sicaf. Finint Investments and Vertis also participated in the round.
The funding will go towards getting more local businesses on board as storage points. The company aims to reach 30,000 points by 2027. Radical Storage also plans to further develop its technology and invest in marketing to acquire more customers and boost brand awareness.
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Radical Storage currently has a network of more than 9,000 businesses distributed across more than 1,000 cities and 70 countries. The company, which was founded in 2016, said it has distributed $14 million to local businesses who have stored five million bags.
Alessandro Seina, co-founder and CEO of Radical Storage, said: “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.”
