Cubby Raises $63 Million In Series A Funding Round

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Cubby, an AI native software platform for self storage operators, has raised $63 million in a Series A funding round, marking a significant milestone in its growth trajectory. The round was led by Growth Equity at Goldman Sachs Alternatives, with participation from existing investors such as Third Prime and Bienville, reflecting confidence in Cubby’s potential to modernize an industry reliant on legacy systems.

Cubby provides a comprehensive, AI integrated platform tailored for self storage operators, encompassing facility management, e-commerce, revenue management via machine learning, call handling, and voice AI agents. Founded in 2022 by CEO Matt Engfer and co-founder Adam Fleming, the company is headquartered in New York City and serves over 400 operators managing more than 450,000 units across North America. Its emphasis on replacing outdated legacy software with modern, scalable tools has driven rapid adoption, making it one of the fastest growing platforms in the sector.

The $63 million Series A is structured as a minority investment, allowing Cubby to retain operational control while scaling. This follows earlier seed funding totaling approximately $7 million from investors like Third Prime, Fractal Software, and Bienville. The new capital aims to accelerate product innovation, including AI agents for autonomous operations, and enhance support for operators facing competitive pressures.

The self storage industry is experiencing measured growth, with urban density, small business needs, and digital trends as key drivers. However, operators report concerns over new market entrants, rising delinquencies, and stabilizing rates, suggesting a shift toward efficiency focused strategies. Cubby’s timing aligns with this, as AI tools could address these challenges more effectively than traditional systems.

Cubby, a New York City-based startup specializing in AI native software for self storage operators, has secured $63 million in Series A funding, a move that underscores the growing intersection of technology and real estate management. This minority investment, led by Growth Equity at Goldman Sachs Alternatives and supported by existing backers Third Prime and Bienville, comes at a pivotal time for the self storage sector, which is grappling with modernization demands amid a projected market expansion to $73.54 billion in 2026.

Founded in 2022 by Matt Engfer (CEO) and Adam Fleming, Cubby emerged from a recognition of the self storage industry’s reliance on outdated legacy software, which many operators find inefficient and limiting. The platform integrates five core products: facility management for centralized operations; e-commerce for streamlined online rentals; machine learning powered revenue management that monitors competitors, occupancy, and demand to optimize pricing; intelligent call routing with AI grading; and customizable voice AI agents for handling inquiries and rentals. This all in one approach allows operators to manage portfolios seamlessly, make data driven decisions, and focus on growth rather than administrative burdens.

Cubby’s customer base has grown rapidly, now including over 400 operators across more than 2,000 facilities and 450,000-500,000 units in North America. Testimonials from clients like Liberty Investment Properties highlight its impact: “Cubby is transforming self storage from a technology laggard into an industry that can serve as an example of what’s possible,” noted Adam Mikkelson of Liberty. Case studies show operators achieving scalability and revenue gains, such as Iron Storage and Ready Now Storage, through features like real time analytics and AI workflows.

The company’s ethos centers on customer centric innovation, with a dedicated support team offering 5-minute average response times and seamless implementations, including data migration and training. This has positioned Cubby as a leader in a market shifting toward flexible, secure, and AI enhanced systems, especially as renter expectations evolve in a competitive landscape.

Announced on January 22, 2026, the $63 million Series A represents Cubby’s first major institutional round following seed investments totaling around $7 million in 2022 from Third Prime, Fractal Software, and Bienville. The round was led by Growth Equity at Goldman Sachs Alternatives, with Kelly Wallace from Goldman joining Cubby’s Board of Directors. Wallace emphasized Cubby’s role in modernizing the sector: “The team’s deeply customer centric approach, combined with AI enabled workflows, allow operators to manage their portfolios more seamlessly and make better, data driven decisions.”

This funding is a minority stake, preserving founder control while providing resources for expansion. No public valuation was disclosed, but the investment signals strong investor belief in Cubby’s scalability, particularly given its rapid customer growth and the industry’s tech lag. Proceeds will fund talent recruitment, AI product advancements (e.g., autonomous agents for rentals and pricing adjustments), and customer success initiatives to sustain explosive growth. CEO Engfer stated, “This investment enables us to fast track the talent, products, and service self storage operators deserve.”

The self storage industry is poised for steady expansion, driven by urbanization, small business needs, and flexible storage demands. Global market size estimates vary slightly but converge on robust growth:

North America dominates, with optimism among two thirds of operators for 2026, though 31% cite competition from new entrants as a top concern. Economic headwinds, including consumer financial strain and delinquencies, temper expectations, with rates likely stabilizing after recent corrections. Transaction volumes reached $5.9 billion in 2025, exceeding prior years, while the under construction pipeline stands at 53.3 million square feet (2.6% of inventory). Forecasts suggest a “reversal” starting in 2026, with demand potentially exploding through 2030 due to factors like population shifts and e-commerce overflow.

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Cubby competes in a fragmented market dominated by established players, but its AI focus differentiates it from legacy systems. Key competitors include:

Operators like storEDGE and SiteLink hold significant share, but Cubby’s AI agents for voice and pricing set it apart, addressing pain points like call performance and revenue optimization. Social feedback from forums suggests a preference for modern platforms over “corporate” ones, aligning with Cubby’s innovative edge.

This funding positions Cubby to capitalize on industry shifts toward smart tech and agentic workflows, potentially disrupting incumbents by offering measurable ROI through AI driven yield improvements. For investors, it represents a bet on vertical SaaS in a resilient sector, with Goldman’s involvement adding credibility. Challenges include navigating oversupply risks and proving scalability amid economic uncertainties, but Cubby’s traction, evident in X announcements and operator endorsements, suggests momentum.

Looking ahead, Cubby plans to showcase at events like the Self-Storage Association’s Spring Conference, signaling aggressive market penetration. If trends hold, the company could lead a tech “race” in self storage, fostering efficiency and growth in a market projected to near $100 billion by 2030.

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