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Storage marketplace SpareFoot closes $10M funding

Image Credit: Photo by Tom Cheredar

Storage service SpareFoot has raised a fresh $10 million round of funding to continue its record growth, the company informed VentureBeat today.

SpareFoot‘s service is essentially a marketplace for the storage industry. It allows storage businesses around a particular area to show what units they have available as well as prices for each storage unit. Customers can then view available units, check out price quotes in real-time, see photos of each facility, and even make reservations. Honestly, it’s a far better solution than randomly calling storage facilities around town for rates and availability.

The funding from the round comes entirely from Insight Venture Partners. The team plans to use the additional capital to “double down” on engineering and product talent as well as continue building out its platform.

“We’ve identified a whole bunch of exciting new opportunities for us. Now we just need to develop it,” SpareFoot cofounder Chuck Gordon said in an interview with VentureBeat. “There are a lot of things within the storage industry we can do.”

Gordon explained to me that unlike the hotel industry, storage unit businesses are typically much smaller and the industry overall is much more fragmented and “low tech.” That means there’s a huge opportunity for SpareFoot to grow and become the “hotels.com” of storage.

Founded in 2008, the Austin, Texas-based startup has raised a total of $26 million in funding to date, from Insight Venture Partners, Silverton Partners, Capital Factory, Floodgate, and others. SpareFoot currently has about 120 employees but plans to increase that number to around 160 in the near future.

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More information:

Insight Venture Partners is a leading private equity and venture capital firm focused on the global software, internet and data services industries. Since our founding in 1995, we have been one of the fastest growing investors within o... read more »

SpareFoot makes renting self-storage easy. Our free marketplace lets customers find and reserve storage units online. We have the largest inventory of storage units in the U.S., with a network of more than 6,500 facilities ranging ... read more »

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