SpareFoot, an online marketplace for the self-storage industry, has secured $10 million in venture capital from Insight Venture Partners. The company will use the money to improve products and services for self-storage operators, including the addition of “major brand partners” to the SpareFoot network intended to provide a wider pool of storage customers, officials said in a press release.
Funds will also be allocated for additional staff and technology investments to improve the usability of SpareFoot’s platform. “SpareFoot has helped thousands of facility operators fill their vacant units,” said Chuck Gordon, co-founder and CEO of SpareFoot. “This new investment will allow us to explore new products and services that will make owning a storage facility more profitable.”
Based in Austin, Texas, SpareFoot has raised $26 million in venture capital since its founding in 2008. Insight Venture Partners has contributed $22 million including $12 million last year.
“We’re thrilled about our latest investment in SpareFoot,” said Richard Wells, managing director of Insight Venture Partners. “SpareFoot has done a great job of bringing together a highly fragmented market of small self-storage operators, and is doing an even better job helping them compete with the large players.”
Founded in 1995, Insight Venture Partners is a global private-equity and venture-capital firm. It has raised more than $7.6 billion and made more than 200 investments worldwide.
SpareFoot.com helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 7,000 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands including SelfStorage.com, Apartments.com and Penske Truck Rental.