Cubby Secures $63M in Series A Funding for Property Management Platform in NYC
Self storage has always been the quiet business. Concrete boxes. Roll up doors. A $50B industry hiding in plain sight while software aged like milk. That silence is exactly where Cubby showed up, not with noise, but with intent. Founded January 1, 2022 in New York City by Matt Engfer and Adam Fleming, Cubby was built after Matt Engfer personally ran into the grind of outdated storage tech while managing equipment and art storage in Denver. He felt the friction firsthand. Adam Fleming had already seen how infrastructure breaks when systems scale the wrong way at Goldman Sachs, Compass, Honest Buildings, and Meta. Different paths, same conclusion. The software was the problem.
Cubby locked in a $63M Series A led by Growth Equity at Goldman Sachs Alternatives, with Third Prime and Bienville doubling down. Kelly Wallace joins the board. Minority investment. Founder control intact. Institutional conviction without the handcuffs. Goldman Sachs Asset Management oversees $3.6T. They do not chase cute. They chase durable. This was a signal, not a splash.
Cubby is not layering features on legacy systems. It replaced them. One AI native platform handling facility management, ecommerce, revenue optimization, call operations, and autonomous voice AI. Not dashboards that talk. Agents that work. Voice AI that books units, adjusts pricing, manages move ins, and escalates when humans matter. The kind of software that does not ask for permission from the past.
The traction backs it up. Over 400 operators. 2,000+ facilities. North of 450,000 units under management across North America. Roughly 0.8% of a market with 52,000 facilities, which is exactly how early real shifts look before they stop feeling early. Operators report higher yield, better conversion, cleaner collections, and the ability to manage more square footage with fewer headaches. Storage may be simple. Operating it well is not.
Self storage runs on margins that sit comfortably between 30 and 40%. Demand survives recessions. Gen Z rents more units than Millennials. Boomers downsize. One unit exists for every fourteen Americans. Seventy five percent of renters start digital. The renter changed. The software did not. Cubby did.
The capital is going where pressure matters. Hiring. Product velocity. Deeper autonomous workflows. Customer success that actually means success. Matt Engfer brings the enterprise SaaS scar tissue. Adam Fleming brings the infrastructure discipline. Together they are not selling software. They are removing excuses.
Concrete boxes are not going away. The silence around them is. Cubby is turning storage into something that finally moves at the speed of demand, and the operators paying attention know exactly what that means next.