I’m excited to announce that a16z is leading the Series A for Bounce, a marketplace for consumers to access underutilized space in local businesses.
Bounce enables consumers to book short-term luggage storage and package retrieval at local businesses–with more services coming soon! Today, more than 7,000 businesses use the Bounce network to make extra revenue and increase foot traffic. And thousands of consumers use Bounce every day to live a more flexible life.
Bounce is a company that was almost killed by the pandemic, with revenue falling to zero overnight in March 2020 as small businesses closed and consumers stopped traveling. The team went into survival mode for more than a year and shifted gears to focus on building the network. The commitment to this long-term, strategic goal meant they were ready when the world opened back up. Bookings grew almost 40x in 2021.
The need for Bounce is stronger than ever post-pandemic. Local businesses understand the importance of diversifying their revenue streams. Businesses on Bounce range from bike rental shops, to gyms, to hotels and more. Bounce brings free revenue to their door – first through the original booking, and then through the increased foot traffic. It’s seamless for these businesses to accept and manage Bounce bookings, with insurance and customer service taken care of by Bounce.
Since the start of COVID, the company has generated more than $1 million in revenue for small businesses–and they just launched the BounceBack program to put $3 million more into the hands of small businesses by the end of summer 2022. (If you’re a small business – check out what you can earn through Bounce here.)
On the customer side, the value proposition is just as strong. Travel has begun to rebound, with much more growth to come: some predict that summer 2022 could be the busiest travel season on record! Bounce’s luggage storage product serves travelers who want to squeeze in an extra day of sightseeing, but maybe haven’t been able to check into their hotel or Airbnb yet, or want to explore a city for a few hours while on the way to their final destination.
Bounce also uniquely serves “digital nomads”, a cohort that exploded during COVID–climbing from an estimated 7 million in 2019 to 15 million by the end of 2021. Why get stuck in a long-term lease when you can work from anywhere? Bounce’s vision of “cloud storage for the physical world” aligns perfectly with this new consumer behavior, and the company has become a key part of the infrastructure to enable many travelers’ journeys – whether it’s for package or luggage storage.
Bounce founder Cody Candee is the perfect person to build this company. After leaving Intuit in 2015, Cody traveled the world for two years chasing personal projects, visiting more than 60 countries and relocating dozens of times with just a few suitcases. He saw firsthand the freedom Bounce can afford travelers and individuals, and the potential for store owners everywhere.
With Bounce locations in over 1,000 cities including cities like New York, London, Lisbon, and Paris, Bounce is one of the biggest (if not the biggest) global network of its kind. With this round, the company will expand to more markets, build more tools to serve Bounce businesses even better, and offer more services to consumers.
Welcome Cody and team to the a16z portfolio!
The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.
Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.