RALEIGH — Local company 10 Federal has announced additional fundraising for the third quarter of 2023, bringing them to a total of $80 million raised this year. The company had shared its intent to raise $100 million this calendar year.
10 Federal bills itself as a commercial real estate firm with integration in the self-storage, multi-family construction, technology, and finance sectors. The most recent raise will contribute to the growth strategy and expansion goals for the self-storage sector, according to the company’s press release.
The company is also touting its recent acquisition of a self-storage development opportunity in Georgetown, TX. The company has existing locations in 12 states, including North Carolina.
Leading Self-Storage Tech
The 10 Federal website boasts several pieces of technology unique to the storage industry. The company has created and patented the DaVinci Lock, a lock targeted at self-storage companies to facilitate unit access. The lock allows combinations to be shared remotely and automatically, part of the company’s efforts at providing self-storage spaces without the need for on-site staff.
Also in furtherance of that goal, the 10 Federal website indicates that it is working on a kiosk interface for self-storage sites. Features include interoperability with smartphone and Bluetooth connections, remote locking and unlocking, and full tenant management.
10 Federal has raised a lot of money over the past few years, with funding rounds completed in 2018, 2020, and 2022, in addition to their $100 million goal for this year. Funding in the previous rounds has totaled $87 million, all in equity.
According to the SEC filing for this year, last updated in July, the company has 201 investors contributing to this year’s capital. That number will increase as subsequent filings updating the amount raised become available.