RALEIGH – 10 Federal, which bills itself a commercial real estate firm leveraging technology and vertical integration across industries, is in the process of raising $30 million with $7,461,000 already committed from 128 investors.

That’s according to an SEC filing issued by the company last week.

The filing is for 10 Federal Self Storage Acquisition Co 3, LLC, which was formed in 2021.

The company previously announced it had raised $32 million for a company named 10 Federal Self Storage Acquisition Company 2, LLC, noting that the round was originally planned to raise $30 million.

In December, the company announced it had acquired  two additional self-storage facilities in Missouri, and three facilities in Georgia. By the end of 2020, the company had made 26 acquisitions totaling more than 7,500 storage units.

High-tech storage firm 10 Federal raises $32M, acquires 5 more properties

10 Federal previously stated that the goal of its acquisition companies is to acquire, renovate, and convert self-storage properties to 10 Federal’s unstaffed, automated platform.

The company operates its facilities using automation, and does not staff any of its self-storage facilities, unless maintenance is needed.  The company centralized its back-office staffing, and provides a call center, which it says allows the company to operate properties across the United States.

10 Federal uses DaVinci locks which provide self-storage property managers the ability to remotely remove an “overlock” on a storage unit, freeing up facilities from requiring staffed hours.  The company is now developing self-storage kiosks and a work-order application to further add value to customers of its self-storage units, without needing to add on-site staff.

Raleigh startup 10 Federal Self Storage raises another $8.6M, has 260+ investors

Prior equity raises by the company were immediately deployed to acquire additional properties, including $15,900,000 raised in a first portion of a $30 million round in January 2020 that would later close in April 2020, which was used to acquire property in Springfield, Ill. and in Dallas, Tx.

The company announced an annualized distribution of 8.0 percent for the period that ended on December 31, 2019.