SpareFoot Inc., a provider of an online self-storage finder, will use its $2 million investment to grow the company, said CEO Chuck Gordon.
The company fulfilled its $2 million equity offering, according to an SEC filing. In September, the companys only other SEC filing on record indicated the company raised about $330,000 from four equity investors.
"The biggest challenge for a business like SpareFoot is driving consumers to the website," Gordon said. "The nice thing is we know exactly what we need, which is traffic. Now it's just a matter of going and getting it."
SpareFoot currently has 11 full-time employees. More jobs in marketing will be added, and additional funds will be invested in an online advertising initiative.
The Austin-based company has eight investors. Principals named in the filing include co-founders Charles Gordon, CEO, and Mario Feghali, chief operating officer. Also named are directors Kip McClanahan of Silverton Partners, an early-stage venture-capital firm focused on Austin-based companies, and John Price, CEO of San Francisco-based Vast.com, an online search platform for autos, travel and real estate.
Founded in 2008, SpareFoot compares itself with Expedia.com, making it possible for self-storage customers to find and compare the best U.S. deal on self-storage via the Web. SpareFoot has 5,000 storage listings nationwide. The company generates revenue from transaction fees paid by those who list their space.
Source: Statesman.com, SpareFoot Collects $2 Million for Growth