Storage startup LuggageHero acquires competitor Knock Knock City
Denmark: As short-term luggage storage startups like Stasher continue to make moves in the market, one firm, LuggageHero, has bought a competitor in the form of Knock Knock City.
As agreed within the terms of the deal, the Copenhagen-based firm, which was launched in 2016, has agreed to purchase the entirety of Knock Knock City’s assets, staff and storage locations. Furthermore, all of the latter’s previous locations will take on the LuggageHero brand name.
The acquisition will accelerate LuggageHero’s expansion into the United States, with plans also being in place for the company to build on Knock Knock City’s forged relationships with property management companies including Guesty and travel technology platform Domio.
The startup currently operates in 26 cities across Europe and North America and it possesses ambitions to grow this by another 15 locations by the start of next year. Additionally, travellers will be able to visit any of its designated storage locations and reserve space there each hour.
LuggageHero claims that its customers have logged over one million hours of bag storage across its 1,000+ drop off points since its launch three years ago.
Back in February, it also closed a significant funding round amounting to $1.45 million. This took its total funding to more than $2.25 million at the time of writing.
LuggageHero founder and CEO, Jannik Lawaetz, told Phocuswire: “Knock Knock City offers an exciting opportunity for LuggageHero to expand and strengthen its network of on-demand luggage storage locations in as many cities as possible. As we grow, we will want to build more third-party relationships, an area Knock Knock City has excelled in.”
In addition, Knock Knock City co-founder and CEO, Selin Sonmez, will join LuggageHero as country manager for the United States and Canada, while co-founder Nikolaos Georgantas has been appointed as partner manager for LuggageHero shops and partnerships in North America.
Sonmez said: “LuggageHero’s acquisition gives our consolidated business a major growth opportunity and extends our services wider and deeper. As the on-demand short-term luggage storage business matures, we will be well-positioned to give our customers the best service available.”
For more information, visit the LuggageHero website here.