24Storage Group secures new capital totaling SEK 250 million for further expansion.
24 Storage, a Stockholm, Sweden logistics company, announced securing a financial package of SEK 250M ($27.8M) for further expansion of the property portfolio and the development of its own system platform.
The fundraising for a total of SEK 250 million was provided through a rights issue of SEK 50 million and a new bank loan facility of SEK 200 million from Collector Bank. The majority of existing investors subscribed for its part in the issue and Ernströmgruppen and Per Josefsson Invest increased their participation in the company.
24 Storage, founded in 2015 and led by CEO Michael Fogelberg, provides self storage facilities with automated solutions. The company has more than 3600 storage spaces distributed in nine plants in seven locations around Sweden. 24Storage's business concept is based on two global macro trends; urbanization and digitization. The central facilities equipped with the latest technology that enables fully centralized operation. The company is also developing a system platform designed for the self-storage industry that can be offered to other real estate companies.
Prior to this investment, 24 Storage raised about $8M in venture money.