Whitecap Venture Partners and Intact Ventures led the equity financing. The round brings total investments in the four-year-old company to $35.2 million. (The Logic)
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Whitecap Venture Partners and Intact Ventures led the equity financing. The round brings total investments in the four-year-old company to $35.2 million. (The Logic)
Talking point: The company plans to use the funds to expand its business-to-business services, which include fulfilment and delivery for companies. The firm is no longer offering self-storage to new customers. The new focus coincides with a rise in e-commerce, and increased demand for delivery and warehousing solutions due to the COVID-19 pandemic. Second Closet—which operates in Toronto, Vancouver, Ottawa and Montreal—also plans to use the funding to grow its workforce from about 500 to 650 staff by mid-2021.
Editor’s note: Incorrect information about Second Closet’s headcount appeared in the company’s press release. This story has been updated.
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