Italy-based Radical Storage closes €6.4M Series A round to expand its luggage storage network to 30,000 locations

Rome-based Radical Storage, a luggage storage platform, has closed $7M (approximately €6.46M) in Series A round of funding. Milan-based Growth Capital served as the exclusive financial advisor.

The funding was co-led by CDP Venture Capital’s Digital Transition fund, Azimut’s ALIcrowd III fund, and Opes Italia Sicaf, an impact investment fund. Finint Investments and existing shareholder Vertis, through its Vertis Venture funds, also participated.

Over $2M of the total funding was raised through Mamacrowd’s equity crowdfunding platform, attracting more than 100 investors.

Fabio Mondini de Focatiis, Founding Partner of Growth Capital, adds, “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.”

A luggage storage platform

Radical Storage is an online platform that helps travellers temporarily store their luggage in local businesses. It has more than 9,000 storage locations in 1,000 cities across 70 countries.

Tourists can book storage in places like cafes and supermarkets, which also benefit by earning extra income and attracting more customers.

How does it work?

Radical Storage provides luggage storage service through a four-step process:

• Locate: Users can find nearby storage locations by visiting the website or using the app, enabling geolocation or entering an address. After selecting a suitable “Angel” (storage partner), they can proceed to book.
• Book: No registration is needed to reserve a luggage storage spot. Users complete a secure payment and receive a confirmation email along with details about the location, including a QR code for check-in.
• Store: At the storage point, users show the QR code or order number to the partner and drop off their luggage. The partner may offer discounts on products or services. A delivery receipt is emailed after check-in.
• Pick-up: When it’s time to collect their bags, users can return to the storage location, show their booking receipt, and retrieve their luggage quickly from the partner.

Capital utilisation

Radical Storage will use the funds to add more local businesses to its platform, with a goal of reaching 30,000 locations by 2027.

The company also aims to increase its marketing efforts, improve its technology infrastructure, introduce new features for users, and expand its operations by launching additional business lines.

Alessandro Seina, CEO and co-founder of Radical Storage says, “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 travellers experience luggage storage forever,” adds Seina.

What do the investors have to say?

Agostino Scornajenchi, CEO and General Manager of CDP Venture Capital, says, “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.”

Amedeo Giurazza, Founder, CEO & Managing Partner of Vertis, adds, “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.”