Austin, TX-based SpareFoot, the country’s largest marketplace for finding and booking self-storage, announced today that it has obtained $33 million in venture capital to propel its growth.
New investor Revolution Growth led the round, with participation from existing investor Insight Venture Partners and new investor Monkfish Equity.
In conjunction with the funding, Scott Hilleboe, partner at Revolution Growth, and entrepreneur Rony Kahan, co-founder and chairman of Austin-based job search engine Indeed, will join SpareFoot’s Board of Directors.
This investment will allow SpareFoot to accelerate its national expansion and enable it to introduce new products.
Since launching in 2008, SpareFoot has raised a total of $59 million in venture capital. Capital Factory, FLOODGATE and Silverton Partners also are investors.
“Using the SpareFoot platform, consumers in need of self-storage are able to quickly and easily find and book a facility that meets their needs based on price, location and other filterable options,” said Steve Case (pictured at top), co-founder and partner at Revolution Growth.
“At Revolution, we believe that the Internet can be a tremendous force to level the playing field for independent small and midsize businesses,” added Case, co-founder of AOL. “SpareFoot is making that possible by providing a suite of marketing tools for self-storage providers to acquire new customers easily and compete with big brands in the industry.”
Chuck Gordon, co-founder and CEO of SpareFoot, said the company will use the $33 million investment primarily to grow the company’s product development and engineering.
“This investment will allow us to make it even easier for consumers to find the best self-storage facility in minutes and to help our thousands of independent self-storage operators compete online,” Gordon said.
Want to work at SpareFoot? Check out our jobs page: sparefoot.com/jobs.html.
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 9,400 facilities, ranging from independent operators to publicly traded REITs. We reach millions of people who need storage through exclusive partnerships with brands like AAA, ForRent.com, Penske Truck Rental and SelfStorage.com.
For more information, visit SpareFoot.com.
About Revolution Growth
Founded and led by Steve Case, Ted Leonsis and Donn Davis, Revolution Growth invests in companies that can change the world. Its mission is to build disruptive, innovative businesses that offer consumers more choice, convenience and control in their lives. By taking a long-term approach and developing a true, hands-on partnership with entrepreneurs and management teams, Revolution Growth brings a unique strategy and passion to investing in and building significant companies.
For more information, visit www.revolution.com/growth.
About Insight Venture Partners
Insight Venture Partners is a leading global private equity and venture capital firm investing in software, Internet and data services companies. Founded in 1995, Insight has raised more than $7.6 billion and made more than 200 investments worldwide. Insight’s mission is to find, fund, and work successfully with visionary executives who are driving change in their industries. Insight provides them with practical, hands-on growth expertise to foster long-term success.
For more information, visit www.InsightPartners.com.
About Monkfish Equity
Monkfish Equity, based in Germany, is a venture capital firm founded by four of the executives behind trivago, the world’s No. 1 website for making hotel price comparisons.
For more information, visit www.monkfish-equity.com.