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488 Storage Startup Clutter, Running Out of Cash, Sells Itself at Steep Discount

The Information
Natasha Mascarenhas @ The Information · 08/02/2023 13:56 EDT

Storage Startup Clutter, Running Out of Cash, Sells Itself at Steep Discount

Late last month, the CEO of storage and moving startup Clutter emailed some of the company’s investors to say the firm was in dire straits: Clutter, which had been valued at a reported $600 million in 2019 and garnered investments from SoftBank and Sequoia, had essentially run out of cash. To stay alive, it struck a deal to be sold for pennies on the dollar to one of its business partners and existing shareholders, publicly traded Iron Mountain. Existing investors in the company won’t get their money back,.

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