San Francisco-based Bounce, a travel-focused convenience platform, has raised $19 million in a Series B funding round. This marks a significant step in its effort to grow its global network for luggage storage and related services. The company, which saw a 20-fold revenue increase since its Series A in 2022, plans to expand its market presence and introduce new services over the next few years.
Asia-Pacific is a key growth region for Bounce, with revenue in the area increasing up to four times annually, according to co-founder and CEO Cody Candee. He emphasized that markets like Japan already have established infrastructure, such as coin lockers and multifunctional convenience stores, aligning well with Bounce’s service model.
Using data from its platform, Bounce identifies high-demand locations based on the over one million monthly visitors to its app and website. This data-driven approach enables the company to strategically target areas where travelers need storage services the most.
Bounce connects with over 13,000 small and medium-sized enterprises (SMEs) and delivery companies to provide its services. These partners benefit from a revenue-sharing model to store luggage or transport items on demand. With the new funding, Bounce aims to nearly triple its locations to 30,000 by the end of 2026. However, Candee emphasized a focus on quality, targeting storage locations near high-traffic areas like train stations.
Bounce is also growing its service portfolio with features like Bounce for Hotels. This platform enables hotels to offer luggage storage services directly to their guests. Initially developed after hotels started charging non-guests for storage, the feature now includes over 100 participating hotels.
While some hotels charge for luggage storage through Bounce, the platform also allows them to offer it free of charge. Candee highlighted future possibilities, such as hotel-based kiosks providing additional services like bag delivery to train stations or flights.
Bounce’s ultimate goal is to serve as “cloud storage for the physical world,” allowing users to store, move, or even rent physical items through its platform. While this vision remains years away, current efforts focus on expanding storage points and leveraging logistics partnerships.
Since its launch in 2019, Bounce’s network has expanded to 4,000 cities across 100 countries, handling approximately six million stored bags.
The Series B round, led by Sapphire Sport with participation from Andreessen Horowitz, General Catalyst, and other investors, supports Bounce’s growth ambitions. Sapphire Sport representatives expressed optimism about the company’s ability to scale its operations efficiently while exploring new markets and service opportunities.
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By Proptechbuzz
By Ravi Kumar
