Tuesday , 17 September 2019
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SpareFoot raises $33M to increase the reach of its storage unit network

SpareFoot raises $33M to increase the reach of its storage unit network

That's a whole lot of cash.

That's a whole lot of cash.

Above: That’s a whole lot of cash.

Image Credit: AMC

SpareFoot, an Austin-based marketplace for self-storage units, has raised a pile of cash — $33 million to be exact.

Guess it won’t have any trouble figuring out where to put all that money.

SpareFoot is applying the increasingly popular “marketplace” business model to the world of self-storage, a multibillion-dollar industry. In its words, SpareFoot aims to “become to storage what OpenTable is to restaurants, Booking.com is to travel and Zillow is to home buying.”

It’s already built quite a network, with more than 9,400 facilities across the country, and partnerships with major storage and moving companies, including AAA, ForRent.com, Penske Truck Rental, and SelfStorage.com.

The company got its start in 2008 and has raised $59 million to date. It employs 200 people and aims to grow that to 280 by year’s end.

Revolution Growth, the investment firm co-founded by former AOL founder Steve Case, led the round. Insight Venture Partners and new investor Monkfish Equity also joined the round. Other investors include Floodgate and Silverton Partners.

Revolution Growth invests in companies that can change the world. What we do is unique and different. We are focused. Our sweet spot is on technology-enabled businesses that empower consumers and disrupt existing, multi-billion dollar … read more »

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