10 Federal raises $25M in Raleigh for growth initiatives

10 Federal, a prominent player in the self-storage sector, has successfully raised $25 million in equity and mezzanine financing during the third quarter of 2024. This funding round was spearheaded by Essentia Capital Partners, which focuses on high-net-worth individuals and registered investment advisors. The capital will be directed towards two key assets located in Dripping Springs, Texas, and Charlotte, North Carolina, both of which are in rapidly expanding markets. In addition to the funding, 10 Federal has introduced a curbside rental service that allows customers to rent storage units directly from their vehicles by scanning a QR code. This innovative approach has received positive feedback, reflecting the company's commitment to enhancing customer convenience and adapting to modern consumer preferences. Furthermore, in August 2024, the company expanded its portfolio by acquiring four properties in Carrollton, Georgia. This strategic move capitalizes on existing operational efficiencies in a market where 10 Federal has already established a strong presence. The Carrollton submarket, located just west of Atlanta, is a focal point for the company’s growth strategy. The recent achievements underscore 10 Federal's strategic vision and the effectiveness of its team. With a focus on leveraging data science for informed decision-making, the company is well-positioned for sustained growth in the self-storage industry.