Overfunding: LuggageHero Surpasses €1.2 Million Funding Target on Seedrs

LuggageHero, a Denmark-based luggage storage service, has successfully secured its initial €1.2 million funding target on equity crowdfunding platform Seedrs. Founded in 2016, LuggageHero provides easy, cheap and safe storage of luggage around the central areas of big cities using retail stores and hotels. Been operating in Copenhagen, London and New York City since 2017 and by March 2019 Lisbon, Barcelona and Madrid can enjoy the LuggageHero service.

“By partnering with existing local businesses, we are able to offer luggage storage options all over the cities we operate in. Currently, there are more than 300 luggage heroes available in London, New York and Copenhagen, and collectively they have provided more than 500,000 hours of bag storage in the past 12 months alone.”

LuggageHero explained that users find and book the nearest luggage hero through our mobile-friendly website, no need to download and install an app, and instantly receive directions to the location on their smartphone. The drop-off and pick-up processes are quick and easy, and payments are handled securely online. All luggage is insured against damage, loss or theft while in storage, with coverage up to €2,500 per bag.

“By utilizing existing space and resources of local businesses, LuggageHero is able to ensure that there is always a storage option close to where users need it. Our cost-effective solution, hourly pricing model and risk-free booking policy provides exactly the kind of flexibility and convenience that modern travelers have come to expect.”

Funds from the Seedrs round will go almost exclusively towards hiring of sales contractors, who will expand the LuggageHero network by signing on local businesses as storage partners in new territories. Breakdown of how the funds are planned to be spent:

• Sales (new markets) — 70%
• Marketing (online) — 20%
• Product development — 10%

The funding round is set to close later this spring.