- Sector: Self storage/consumer/business services
- First Invested: November 2011
- Total Invested: Undisclosed
- Status: Current
Brett Akker, co-founder of Streetcar and Carl Ameln, founder of City Self-Storage and a pioneer of self-storage in Europe, joined forces in 2011 to launch LoveSpace, exploiting a gap within the fast growing self-storage market.
Lovespace are first to market with a new concept in self storage; disrupting the traditional self storage model, which is more expensive, and requires customers to pay for a whole unit even if much of the space is unused. LoveSpace offers greater efficiency, convenience and a much more transparent, flexible pricing model. It is also successfully addressing a market much larger than just conventional self-storage, acquiring many SMEs and declutterers in addition to customers from traditional segments.
With LoveSpace’s storage solution, customers never have to leave their home, and only pay for what they store – meaning no wasted space. Customers use their online account to arrange free collection of their boxes or other items. They then simply pay a small amount each month – from £1.95 – for each box in storage. When they want their belongings back, all they have to do is go online to select the items they want returned, and LoveSpace will deliver as soon as the very next day.
Following our investment in car-sharing business Streetcar, we were delighted to support Chairman Brett Akker for a second time on his latest venture. We have also worked with Carl Ameln over a number of years, during our investments in Swedish self-storage business Selstor, and Streetcar. We are already seeing that the LoveSpace model is disrupting the self-storage market in the same way that Streetcar disrupted the car-sharing market. The business has grown rapidly, and has now stored over 100,000 boxes for over 13,000 customers all over the UK.
Since our initial investment in LoveSpace, Smedvig have supported the business in building its operations, systems and market strategy as well as the management team including hiring Managing Director, Steve Folwell who joined the team from the Guardian Media Group. The business has a highly experienced Board, including Brett Akker, Carl Ameln, Steve Folwell, as well as members of the Smedvig team.