SpareFoot gains $33M to build out self-storage marketplace

March 12, 2015

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Austin self-storage startup SpareFoot has raised $33 million in financing. 

In tandem with the recent funding, the startup, which operates a consumer-facing search engine and online “marketplace” for storage units throughout the U.S., will install two new members of its Board of Directors: Scott Hilleboe, a partner at venture capital firm Revolution Growth, and Rony Kahan, a co-founder and chairman of job listing site Indeed.

“We believe that the Internet can be a tremendous force to level the playing field for independent small and midsize businesses. 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,” said Steve Case, a co-founder and partner at Revolution Growth, in a statement.

Using its recent gains, SpareFoot plans to increase its employee count from 200 to 280 by the end of 2015.

“SpareFoot will use this investment... primarily to invest more heavily in product development and engineering,” said SpareFoot co-founder and CEO Chuck Gordon. “This investment will allow us to make it even easier for consumers to find the best storage facility in minutes and to help our thousands of independent self-storage operators compete online.”

Revolution Growth, a new addition to the startup’s pool of investors, led the round, with contributions from Monkfish Equity and Insight Venture Partners. Other SpareFoot investors include Capital Factory, FLOODGATE, and Silverton Partners.

Since its 2008 inception, the company said it has raised a total of $59 million in venture capital. 

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