Second Closet raises $20 million

Self-storage startup Second Closet has raised CAD$20 million in a round led by Whitecap Venture Partners alongside new investor Intact Ventures, with participation from other existing investors including MIG, Michael Hyatt, and Cowie Capital Partners. This investment brings the total funds raised to date by Second Closet to $35.2 million.

Founded in 2017, the Canadian startup originally focused on individuals, offering a platform to order and schedule the pickup and storage of their belongings. Over the past 12 months, Second Closet has shifted its focus to help businesses deliver a best-in-class logistics experience with a range of services such as e-commerce and retail fulfillment including storage and shipping, as well as physical file and business asset storage.

“Second Closet is a world class business that we are building right here in Canada. We’re very proud of how much we have achieved in such a short period of time and the significant opportunities that are on our radar for the year ahead. We are grateful to our existing investors for continuing to back our mission and for being incredibly supportive throughout this journey, and to Intact Ventures for bringing a completely new dimension of market expertise to our business with their investment. Between Whitecap’s focus on the proptech market, and Intact Ventures’ financial services and supply chain expertise, we are very well positioned to execute on our aggressive expansion plans.” – Mark Ang, CEO and co-founder of Second Closet.

“Mark and team have done an exceptional job in scaling Second Closet to meet the needs of consumers and businesses, applying technology and modern processes to address many of the pain points of traditional e-commerce logistics. We’re pleased to join Whitecap in this financing round to support Second Closet as it continues its journey to becoming one of North America’s leading logistics-tech companies.” – Karim Hirji, SVP and Managing Director at Intact Ventures.