Logistics startup raises $50M in equity capital from New York firm

TAMPA — Red Rover Moving and Storage, the Tampa-based brainchild of PODS Founder Pete Warhurst, has received a $50 million investment from Oppenheimer & Co.'s asset management business. The capital injection comes on the heels of a $15 million investment by Oppenheimer, a New York-based diversified financial services firm, in December.

Founded in February 2020, Red Rover, according to a news release, has three facilities in the Tampa Bay area, two in Massachusetts, three in New York, two in North Carolina and one in Waco, Texas.

Warhurst, the release states, launched Red Rover to disrupt the traditional moving and storage industry. The company’s “fetchable storage” system allows customers to rent a portable storage unit, pre-loaded onto a truck, that they can pick up and drive without the need to ever interact with a Red Rover employee.

"We're extremely excited to realize this increased investment from Oppenheimer,” Warhurst states in the release. “The $50 million raised will allow us to accelerate our growth plans by providing the ability to open additional new markets in 2022.”

Red Rover’s proprietary, remote-controlled ramp system, the release states, allows customers to load their storage units from the rear or side, making them well-suited for tight spaces in dense urban environments.

"We believe this increased investment will allow Red Rover to scale more quickly and take greater advantage of its exciting market opportunity," Oppenheimer President Robert Lowenthal states in the release.