Andreessen Horowitz is leading a Series A round of $12 million into Bounce, with a view to expanding the business into Europe.
The luggage storage platform has also attracted the attention of previous backer General Catalyst with the new investment.
The U.S.-based company is targeting destinations in Italy, France, Portugal and the U.K. in its growth strategy, with a mission to "build the world's largest retail chain without owning any physical stores."
The latest investment comes just four months after the $2 million funding round from GC.
Bounce provides luggage storage for travelers and tourists in 7,000 locations around the world, partnering with local businesses and premises to offer secure storage facilities.
The company claims to have given $1 million to local companies during the COVID-19 pandemic.
Cody Candee, CEO of Bounce, says: "The pandemic really highlighted the importance of having multiple income streams, especially as we saw so many small businesses pivot to survive.
"This raise marks a massive milestone in our efforts to help local stores across the world expand their existing businesses, while also offering Bounce users even more opportunities to live life without having to plan around their physical belongings.”
Competitors in the space include LuggageHero (a PhocusWire Hot 25 Startup for 2019), which has so far raised almost $4 million in funding including a $1.45 million round 2019 and the acquisition of competitor Knock Knock City in the same year.