Self-storage startup Control Space nets €50 million to expand

The Portuguese startup Control Space, which has five storage facilities in Portugal with 2,000 storage units for individuals and companies, has netted around €50 million to invest in growth and expansion in Lisbon and Porto.

Founded in 2021 as a subsidiary of Colares Capital by founders Albano Costa Lobo, Vasco Fino and Francisco Parreira do Amaral, the company plans to be a market leader in self-storage over the next few years with the support of Madrid-based assets management consultancy Incus Capital and its owner Colares Capital.

The two have joined forces to create a joint venture whose goal is to drive the startup’s business forward in Portugal through new property acquisitions and respective reconversions which have already begin in Lisbon in the areas of Alcântara and Alfragide, and in Porto in the Industrial Zone.

The three founders realised that Lisbon and Porto needed more storage space because of the booming housing market and a lack of storage areas with sufficient space in new developments, as well as changes in family and work dynamics.

Ensuring security, accessibility and convenience, Control Space provides storage units that are technologically advanced and sustainable with sizes varying from 20m2 and for a minimum rental period of four weeks.

Customers can book, pay, and access their units online using a mobile phone application, whilst booking is simple and flexible, enabling customers to decide what the best storage solution is for them with the help of a digital calculator available on the company’s website.

Control Space currently manages €15 million of assets comprising five storage centres — three in Lisbon and one in Porto, with another in development in Lisbon, totalling 13,000m2 and over 2,000 units.