March 11, 2015
SpareFoot, the Austin, TX-based that offers a free online marketplace allowing people to find and reserve self-storage units, announced today that it has closed a $33 million investment led by Revolution Growth. Other participants in the round include existing investo Insight Venture Partners and new investor Monkfish Equity.
“Using the SpareFoot platform, consumers in need of self-storage can quickly and easily find and book a facility that meets their needs based on price, location, and other filterable options,” said Revolution Growth partner and cofounder Steve Case in a statement. “At Revolution, 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.”
Launched in 2008, SquareFoot has become a major player in the self-storage industry through its online marketplace. With partnerships at major brands like AAA, ForRent.com, Penske Truck Rental, and SelfStorage.com, the company connects thousands of independently owned and operated self-storage providers with consumers. This new funding brings the total amount of money raised by the company at $59 million. According to the company, SpareFoot will use the significant investment to accelerate their national expansion as well as grow their engineering, product development, and customer service teams by the end of 2015. As part of this financing, Revolution Growth partner Scott Hilleboe and Indeed cofounder and chairman Rony Kahan will join SpareFoot’s Board of Directors.
The self-storage industry is estimated to be worth more than $22 billion, with startups like MakeSpace, Clutter, and BoxBee all trying to find a place in an industry that has caused people a lot of frustration. This is Revolution Growth’s 11th investment.
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