UK: Stasher, a sharing economy network for luggage storage, has announced its agreement to acquire Dallas-based short-term luggage storage network Cubby from the founders, along with other shareholders and investors.
Cubby will become part of Stasher, which connects vacation rental guests, travellers and event attendees with secure and vetted local shops and hotels to store their luggage on a short- to medium-term basis.
The move comes after a challenging period for the hospitality and travel sectors in particular. Stasher entered 2020 on a high, closing a £2 million round with a valuation of £10 million and a presence in 250 cities worldwide.
Discussing Stasher’s navigating of the pandemic, Stasher co-founder Jacob Wedderburn-Day said: “It was a really tough period for us – being a travel tech company, in the initial first wave, revenues dropped to zero and much of our network closed down during lockdowns. We had to take a pragmatic approach, with a goal of survival rather than growth.”
However, with vaccine rollouts across the world in full effect and lockdowns easing, life is slowly returning to normal.
As travel bounces back, Stasher says that it is well positioned to take the lead in the luggage storage space, and add trusted and secure locations acquired from Cubby [and Leftit in 2021] to its growing global network. The startup is now present in more than 300 cities in six continents and bookings are exceeding pre-pandemic highs.
Commenting on the acquisition, Wedderburn-Day said: “Exclusive integration with top quality brands has helped solidify our position as the most trusted brand in the market over the years. Cubby has done a fantastic job in the USA, which is a focus area of expansion for us, so this addition of their many established storage locations to our portfolio is an important step.
“We have always prided ourselves on our award-winning customer service really setting us apart from our competitors – Cubby’s approach on quality really aligns with our own so the collaboration has been really smooth,” he added.
In preparation for a “bumper” 2022, Stasher is set to add new hosts and expertise to its current global portfolio as it looks to ensure a seamless modern travel experience for customers around the world.