SpareFoot, an online marketplace for self-storage consumers, has received $33 million in venture capital from new investors Monkfish Equity and Revolution Growth, as well as existing investor Insight Venture Partners. SpareFoot will use the money primarily for product development and engineering, according to Chuck Gordon, CEO and co-founder. The self-storage directory previously announced plans to add 100 employees in 2015.
In conjunction with the funding, Scott Hilleboe, partner at Revolution Growth, and Rony Kahan, co-founder and chairman of Indeed, an Austin, Texas-based search engine for jobs, will join SpareFoot’s board of directors, according to the source.
SpareFoot has now raised $59 million in venture capital since it launched in 2008. Previous investors include Capital Factory, Floodgate Fund LP and Silverton Partners LP.
“At Revolution, we believe that the Internet can be a tremendous force to level the playing field for independent, small and mid-size businesses,” said Steve Case, a co-founder of AOL who’s also co-founder and partner at Revolution Growth. “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.”
“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 added.
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 9,400 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 and Penske Truck Rental.
- The SpareFoot Blog: SpareFoot Secures $33 Million Investment Led by Revolution Growth