Wetacoo, a start-up that innovates the storage and moving industry through an on-demand storage service and RFID technology, announces that it has closed a EUR 3.4 million Series A round led by VC Partners. The investment round sees the renewal of trust by existing shareholders, the majority of whom participated in the capital increase, including Zest, and the conversion into capital of the investment already made by CDP Venture Capital through the Fondo Rilancio.
The company was assisted by the financial advisor Growth Capital and the law firm Alma LED. VC Partners was assisted by the law firm Proxima Advisory.
Founded in 2021 with the aim of radically simplifying the management of personal and professional belongings, Wetacoo allows customers to book the pick-up, storage and return of goods in just a few clicks. With offices in Rome and Milan and more than two thousand customers served, Wetacoo positions itself as a reality capable of combining urban logistics, RFID technology and personalised moving and temporary storage services.
The European storage and removals market has a total estimated value of over EUR 40 billion, of which EUR 5 billion in Italy, reports a note released by the company. In this highly fragmented and still poorly digitised market, Wetacoo proposes on-demand storage, an evolved solution compared to traditional self-storage that allows storage items to be managed with flexibility and traceability thanks to digital inventory. The start-up’s model thus meets the needs of both private and business customers, intercepting a growing need for space.
The funds raised will allow the company to accelerate its geographical expansion in Italy, with the aim of strengthening its presence in the main Italian cities, and to soon launch its first operations abroad. A special focus will be devoted to the B2B channel, which has recorded strong growth in the last two years and now accounts for 40% of total turnover, with SMEs and large companies turning to Wetacoo for storage and transport of furniture, equipment and archives. The capital will also be used to continue to invest in technology and further improve the customer experience.
Federico Prugnoli, CEO of Wetacoo (pictured), says in a note: “We are very pleased with the strong signal of confidence that comes not only from the entry of new leading investors like VC Partners, but also from the decision of previous investors to reinvest in Wetacoo in this round. This capital will allow us to accelerate with our growth path, continuing to bring innovation and quality to a traditional industry that has been standing still for too long.”
Alberto Grignolo, founding partner of VC Partners, says: ‘We are proud to invest in the future of Wetacoo, a highly innovative company in the world of logistics and smart storage of physical objects. The team led by Federico Prugnoli has developed an advanced and integrated software platform, capable of interacting with the end customer in an effective and immediate manner, using a service model in step with the needs of modern customers. We look forward to supporting the company in its path of growth and technological development by involving the resources and skills of the entire VC Partners team’.
Marco Meoni, vice president of Growth Capital, adds: ‘Wetacoo operates in a rapidly evolving market, with very promising dynamics in terms of technology and logistics. The company has demonstrated great capacity for execution and a clear vision, and we are convinced that it has all the credentials to become a key player at European level’.
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