The self-storage industry is well-established in the United States, and growth is spreading worldwide. With differences in cultures and customs, some areas are starting to see a different variation of the business; valet self-storage.
The small island city-state of Singapore has one of the denser populations in the world with over 19,000 people per square mile, and, not surprisingly, is screaming for more self-storage facilities. At least one company is trying to answer that call. Spaceship, a valet self-storage company, opened its doors for business late last month.
Thanks to an investment they received from Ardent Capital in November of last year, Spaceship was able to do a soft launch in January in Singapore. After being open for just a few weeks the company secured 35 private and three corporate customers, lending hope that the Singaporean valet storage will succeed.
Like other valet self-storage companies, Spaceship allows users to do virtually everything online. They can manage their accounts and other interactions from ordering boxes to scheduling pick-up times and deliveries.
Even though there are around 20 traditional self-storage facilities (about 1.5 million square feet of space) in Singapore, Spaceship is confident that it can reach its goal of 5,000 customers in the first six months. The self-storage market in that country has grown 28 percent over the last few years and many operators are already at capacity.
The company will have to compete with at least one other valet self-storage company while it tries to get a foot hold in the industry, Vault Dragon. It, like Spaceship, is a start-up company that has secured $90,000 in seed money. How much Spaceship has secured has not been made public, but the funding is expected to provide a nine-month runway for operations.
Rohit Mulani, the head of sales and marketing at Spaceship, thinks their own offering will propel its success despite having competition.
“Vault Dragon has [regular-sized] boxes, and that’s all they have. They don’t take odd-sized items, miscellaneous items, bulky items — we take all of these,” Mulani said.
The company will not be charging to drop off and collect boxes, but there is a $16 fee for returning them. Larger wardrobe boxes will cost $14 and miscellaneous items up to 25 kilograms will be charged a flat rate.