A storage unit is disclosed comprising a container disposed within a housing, the container having a cavity with an opening at the upper end for receiving an item. A cover comprises two or more rounded cover sections pivotally mounted between the container and the housing for movement between an open position and a closed position, the cover sections being biased toward the open position. Vertical downward movement of the container toward the bottom wall of the housing causes the cover sections to overcome the bias and rotate to the closed position. When rotating to the open position, the cover sections recede into a receiving space between the housing and container, thereby exposing the cavity, such that the outer form factor of the storage unit is no larger in the open position than in the closed position.