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§ Private Profile · Lehi, UT, USA
Neighbor is a technology company.
Neighbor operates as a peer-to-peer marketplace facilitating storage and parking solutions by connecting individuals with unused space to those seeking storage. Its platform allows hosts to rent out various forms of idle property, such as garages, basements, sheds, or driveways, offering a localized and often more affordable alternative to traditional self-storage facilities. The company leverages an online interface to streamline the discovery, booking, and management of these peer-to-peer transactions.
The company was co-founded in 2017 by Joseph Woodbury, Preston Alder, and Colton Gardner. The trio recognized the pervasive problem of expensive and often inconvenient traditional storage options, coupled with a vast untapped resource of underutilized space within residential communities. Their insight was to create a decentralized network that empowers individuals to monetize their vacant space while providing renters with accessible, flexible, and cost-effective storage solutions close to home.
Neighbor serves a broad customer base, including individuals needing temporary or long-term storage for personal belongings, vehicles, or business inventory, as well as property owners looking to generate passive income from their underutilized assets. The company's vision is to redefine the storage industry by democratizing access to space, fostering community connections, and building a more efficient and sustainable model for how people store their possessions.
Neighbor has raised $67.5M across 4 funding rounds.
Neighbor has raised $67.5M in total across 4 funding rounds.
Neighbor has raised $67.5M across 4 funding rounds. Most recently, it raised $1.6M Seed in September 2024.
Neighbor is a peer-to-peer marketplace platform that connects homeowners with unused space—such as garages, driveways, basements, or apartments—to renters seeking affordable storage or parking solutions, while also partnering with traditional self-storage facilities.[1][2][4][5] Founded in 2017 and headquartered in Lehi, Utah, it operates in the sharing economy, enabling hosts to earn passive income (averaging 16 minutes of monthly management time) and renters to access cheaper, local options with transparent pricing and quick booking.[1][4][5] The company has raised $75M from investors like Andreessen Horowitz, Fifth Wall, and Pelion Venture Partners, achieving $27.1M in revenue and listings in every U.S. city, positioning it as the largest marketplace for storage and parking.[4][5]
Neighbor solves the problem of underutilized personal and commercial space amid rising storage costs, serving individual renters, RV owners, and businesses like multifamily properties or storage facilities looking for steady revenue.[1][4] Its growth momentum includes multiple funding rounds (totaling $63M-$75M, with a $53M recent round), early awards from Utah's innovation ecosystem, and recognition as a top finalist in Eric Schmidt's American Dream Ideas challenge for boosting middle-class income.[2][4][5]
Neighbor was founded in March 2017 by Preston Alder, Colton Gardner, and Joseph Woodbury in Lehi, Utah, initially under the name Neiybor before rebranding to Neighbor in March 2018.[1][2][5] Preston Alder serves as co-founder and CMO, leading a team backed by early investors Peak Ventures and Pelion Ventures.[1][2] The idea emerged from recognizing the sharing economy's potential to monetize unused residential spaces for storage and parking, tapping into public storage and economic empowerment trends.[1][2]
Early traction came swiftly: In February 2018, Neighbor won the Utah Governor's Technology Commercialization and Innovation Award, alongside honors from the University of Utah's Lassonde Institute and BYU's Rollins Center.[2] That March, it announced $2.5M in funding and became a finalist in the Utah Innovation Awards' Consumer Software category.[2] By November 2018, it was named a Top 3 Finalist in Eric Schmidt's challenge for improving middle-class income, fueling its expansion.[2]
Neighbor rides the sharing economy wave, akin to Airbnb for storage and parking, capitalizing on post-pandemic demand for flexible, local alternatives to expensive traditional facilities amid urban density and remote work trends.[1][4] Timing aligns with rising self-storage costs (up significantly in recent years) and underutilized residential spaces, fueled by economic pressures favoring peer-to-peer models for affordability and sustainability.[1][2][4]
Market forces like VC interest in proptech (e.g., Fifth Wall's real estate focus) and AI-driven marketplaces amplify its position, influencing the ecosystem by democratizing storage access, generating host income, and pressuring incumbents to digitize.[1][4][5] As the largest U.S. platform with nationwide coverage, it shapes proptech by blending software, AI, and data analytics to optimize space utilization.[1][4]
Neighbor's trajectory points to aggressive expansion, leveraging its $75M war chest for international growth, deeper AI integrations for matching/pricing, and partnerships with more commercial operators to dominate the $40B+ U.S. self-storage market.[1][4][5] Trends like urbanization, e-commerce-driven storage needs, and climate-resilient micro-logistics will propel it, while regulatory tailwinds for sharing platforms enhance scalability.
Its influence could evolve from niche disruptor to infrastructure player, potentially via IPO or acquisition, empowering more hosts in a gig-economy boom and redefining underutilized assets as revenue streams—echoing its core mission of connecting neighbors for mutual economic gain.[1][2][4]
Neighbor has raised $67.5M in total across 4 funding rounds.
Neighbor's investors include 8-Bit Capital, A Capital, Album VC, AME Cloud Ventures, American Express Ventures, Andreessen Horowitz, Ascension Ventures, Ballistic Ventures, Adeyemi Ajao, Bond, Camber Creek, Canaan Partners.