SpareFoot, an Austin-based marketplace for self-storage units, has raised a pile of cash — $33 million, to be exact.
Guess it won’t have any trouble figuring out where to put all that money.
SpareFoot is applying the increasingly popular “marketplace” business model to the world of self-storage, a multibillion-dollar industry. In its words, SpareFoot aims to “become to storage what OpenTable is to restaurants, Booking.com is to travel and Zillow is to home buying.”
It’s already built quite a network, with more than 9,400 facilities across the country, as well as partnerships with major storage and moving companies, including AAA, ForRent.com, Penske Truck Rental, and SelfStorage.com.
The company got its start in 2008 and has raised $59 million to date. It employs 200 people and aims to grow that to 280 by year’s end.
Revolution Growth, the investment firm cofounded by former AOL founder Steve Case, led the round. Insight Venture Partners and new investor Monkfish Equity also joined the round. Other investors include Floodgate and Silverton Partners.