Stasher at Open Coffee #96

I’m Ant from Stasher, the world’s first sharing economy solution for luggage storage. It’s been just over 2 years, we’re already in over 50 cities across Europe, have partnered with some of the largest hotel chains in the world and by the end of 2018 we’ll have stored 350,000 bags.Stasher is a simple business model…
It started here. This is our proverbial ‘garage’. My apartment between KX and Euston 3, literal, college roommates from Oxford – studying economics together. I worked in digital marketing, Jake worked at the bank of England and matt did a masters in computer science and data science. We identified the need and started storing bags in our homes. I lived between KX and Euston and used to literally run home. We soon realized it made more sense to sign up local businesses as hosts and so, we started Stasher as we now know it…
an online platform where we list local shops and hotels who will store bags, insured and cheaper than station facilities. It’s easy to browse options and users can book on demand. The business model is simple and similar to Airbnb. We charge roughly £6 per bag to users and take a commission of roughly 50% on all bookings that go through the platform. Top hosts can generate over £2k a month – helping them pay their now crazy rents! – average hosts make in the hundreds. Overall, we’ve managed to create a product that…
Firstly, the 10 am checkout. This is a big issue, for hotels guests too (it’s not always ideal to store at your hotel) but particularly for people using Vacation Rentals platforms. There’s no concierge or reception. The biggest issues they have are around check in and check out. This is obviously a growing sector and also increasingly professionalized. Professional managers need to turn the place over and can’t deal with special requests like luggage storage at scale (or it’s a cost to them), which is why we partner with VR managers like Airsorted. Individual hosts have their own life and often just can’t get out of work etc to sort bag storage. At the same time…
Some of the busiest venues and attractions in the world are applying more stringent policies around allowing entry with bags and even some train stations. Here’s 2 of the largest stadiums (I’d guess in Europe?) and 2 of the largest tourist attractions (also probably in Europe). Within the last couple years they’ve applied these policies. British museum is roughly 30 mins walk from Euston or KX. Those are the nearest storage facilities. Museums do not allow this entry. Arsenal stadium can be an hour there and back. So, there’s an increasing need to store bags…
People love! That’s probably the best indication you’re really solving a problem for people and that’s the best indication of mid-term success! It’s actually well over 3000 reviews now and still over 4.7/5. Our modal NPS is 10. So what’s the source of this need?
The way we’re travelling is changing – in fact, the way we do everything is changing. I’ve used this lovely stock pic to go with my stock point. Millenials now define how we buy and transact. It’s easier than ever to jump abroad for citybreaks and many of us do – and when I’m there for 3 days, I don’t want to lose half a day either side! We’ve got data everywhere we go. We want to check availability online. We want everything on demand – like our taxis and our food. We want to know that we’re not screwing local businesses. We’re quite picky… and Stasher provides a technological innovation that matches these needs – by millennials, for millennials - whilst reducing the cost and improving the security and convenience of luggage storage. I’ve said a lot about what we do, lets take a look!
Booking a stash is stupidly simple. Type in your location (we’re at Damrak 243, for example). See the available options sorted by distance with markers letting you know who’s open late, who’s 24/7 etc. You can also filter by times and types of hosts. Then go on to confirm the location and book like any other payment flow! It’s that simple and we’re guaranteed to have space upon arrival. We’re of course working to further develop our totally bespoke software so that it for example automatically loads with the host nearest your current location. The great thing about our tech and business model is that it’s scalable…
In 2 and a half years, we’ve gone from that apartment near KX to over 400 locations in 50 cities across Europe (and very soon further a field in the US, Australia and Japan). We have also raised 2 rounds of investment totalling over $1 million from VC’s with strong experience in travel and marketplaces
Importantly, we’ve also secured key partnerships – which are an important moat. In terms of supply, we work with the likes of Premier Inn and Accor and help their hotels make over £2k per month. For demand, we’re work with large VR managers like Airsorted and some of the biggest tour operators, like Big Bus and the London Pass, events and venues (we’re helping the rolling stones, for example, on their UK tour. The coupon code is Mick Bagger). As a result, we’ve grown over 5x YoY.
We have very minimal capex. Once we have a host in a new location, it’s really just a case of putting them live! We get a lot of bookings through SEO on individual host pages. There’s no cost to signing up, so it’s a relatively easy sell. Based on our expansion into Europe: Rome, Paris, Amsterdam, etc we’re already planning our expansion into the US, Japan and Australia. We envisage stashpoints in each major city in the world. We’ve created these estimates of market size based on numbers of event goers and VR guests. We know that station facilities in the UK generate c. £25mil and growing. They don’t operate at major stations like London Bridge, near major attractions/venues or in tourists cities like Brighton, Oxford or Cambridge. Factoring in those attending major venues, we believe the opportunity to be huge and we can then scale these estimates across Europe and global potential markets to get estimates of our potential scale. 100 million Airbnb users -> ½ in Europe but also 2 opportunities per stay. We’re on a trajectory to achieve this… UK - £100mill Europe - £500mill Global - £1B Luggage delivery - £10B Concierge services- Multi-Billion
Once we’ve established this network, we have the ability to turn this into something even bigger. Firstly, It’s more important than ever to build touchpoints with travellers and engage them. Yes, we’re helping hotels bring users through the door. But what else can we offer them? why not give them a concierge experience – that they may be missing at their vacation rental! Give them wifi and a discount on coffee or breakfast, give them advice about the city and maybe even a discount on a future stay! That builds a lasting brand memory. Don’t have a luggage storage room? I’ll pay you to refer people to me – or maybe you should consider blocking off a room ;) At the same time, when we have convenient locations in the city centre, at the airport and even where you’re going, why not check-in your bags with us and just have them meet you later – at the airport, arrivals luggage carousel or your final destination. For context, airlines generate £10b on checked baggage fees. In the end, Stasher is working to bridge the gap between vacation rentals and hotels in a way that benefits all. We’re building a seamless travel experience to works for the modern day and it all starts with luggage storage.

Stasher at Open Coffee #96

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