Iron Mountain Inc. signed a partnership agreement with on-demand storage provider MakeSpace Labs Inc. to bring consumer storage services to 24 North American markets.
The partnership will benefit from MakeSpace's technology platform for consumer storage and Iron Mountain's storage, transportation and logistics operations.
As per the agreement, Iron Mountain will join a $30 million financing round for MakeSpace, and MakeSpace will acquire Iron Mountain's full-service, valet consumer storage business Stashable.
The transaction will allow MakeSpace to spread to 20 new locations in addition to the existing ones in New York City; Chicago; Washington, D.C.; and Los Angeles.
MakeSpace utilizes data and machine learning to provide a convenient self-storage experience where customers can store and retrieve their items on-demand with the help of AI-driven algorithms.