Founded in 2021, myNextdoor offers a platform which connects hosts with extra space with people looking for storage space. Co-founder Violeta Semenova tells us more about the startup’s journey and her platform.
When and how did you come up with the idea for myNextdoor?
The idea for myNextdoor came from a frustration at not being able to easily find affordable storage space nearby. When I was unable to find a storage space for my bike, for example, I ended up having to sell it. My co-founder, Nisar, had been finding himself in similar situations and felt frustrated when he discovered the only company providing this service was too expensive.
In the summer of 2021, we started working on a solution to fill this gap in the market. After talking to our friends and other locals in Luxembourg, we began to realize that the concept met the current needs and demands of many people. So in the fall of 2021, we hired a developer and started building the app.
That’s how we developed myNextdoor, an app that connects both people with extra storage space and people with limited storage space. Later on, we realized that parking is a big problem in Luxembourg City. That’s why we also just introduced the service of swap parking. Drivers can simply list their available parking space for the day, and swap for a parking space in a different location.
If you’re renting space from a host, how easily accessible will this space be to you?
Hosts dictate access to the space the renter is paying for. The features and the accessibility of the space are available in the space listing. Some spaces include 24-hour access, like the example of a garage where the renter has a key. In other cases, access depends on the mutual arrangement between the host and the renter.
In addition, renters must give 24 hours notice to access the space. Hosts going away for vacation must inform renters and make arrangements to provide renters access to the rented space.
Who determines the rental price? Is there an upper limit?
Hosts are free to set their rental prices as they see fit. However, if they choose unreasonably high prices for their spaces, it’s unlikely that renters will be interested in booking with them.
What percentage of the daily/monthly rental fee will myNextdoor take?
myNextdoor is currently free for all users who sign up. The promo period lasts 6 months after signing up. When the promo period ends myNextdoor will charge 10% of the rental fee (5% from hosts and 5% from renters).
How many users do you currently have?
We currently have around 70 users, which is great considering we launched the app one month ago.
How big is your team?
We are a team of 5 people based in Luxembourg: 2 co-founders, a lead developer, a junior developer and a social media manager. We all work remotely and are planning to expand the team.
What is the source of your funding?
We are financing myNextdoor with our private funds. However, we are planning to raise funds to hire more people and bring our startup to the next level. We plan on doing so in mid-2023 and our initial estimates amount to €500K which would help us expand our IT team, hire sales and customer representatives and invest in marketing and office space.
What are your goals for 2023?
In 2023, we want to raise brand awareness in Luxembourg and Belgium and become the go-to app for storage and parking rental. One of our goals is to establish stronger relationships with potential users by becoming more active and engaged in communities. We hope that will help us build trust, raise brand recognition, and increase the number of current users.
Our focus will be on growth throughout 2023, including expanding the number of current users and hiring more employees. We also plan to actively work on raising funds during this time period by reaching out to investors. By the end of 2023, we hope to have signed up approximately 2000 active users.
