Austin-based SpareFoot has raised a total of $26 million in venture capital since it was founded in 2008. Of that amount, $22 million came from New York-based Insight Venture Partners—$10 million this year and $12 million last year.
SpareFoot will use this investment to improve its products for storage facility operators. This includes adding more major brand partners to the SpareFoot network, which will give facilities access to a wider pool of customers they wouldn’t otherwise reach.
“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.”
SpareFoot will also invest in technology to make its platform easier to use, and will hire additional support staff to ensure facility clients’ needs are served on a personal, customized level.
Richard Wells, managing director of Insight Venture Partners and a member of SpareFoot’s board, said: “We’re thrilled about our latest investment in SpareFoot. SpareFoot has done a great job of bringing together a highly fragmented market of small self-storage storage operators, and is doing an even better job helping them compete with the large players.”
About SpareFoot
SpareFoot makes renting self-storage easy. Our free marketplace lets customers find and reserve storage units online. We have the largest inventory of storage units in the U.S., with a network of more than 7,000 facilities ranging from mom-and-pop to publicly traded REIT. We reach millions of people who need storage through exclusive partnerships with brands like SelfStorage.com, Apartments.com and Penske Truck Rental.
For more information, visit SpareFoot.com.
About Insight Venture Partners
Insight Venture Partners is a leading global private equity and venture capital firm investing in software, Internet and data-services companies. Founded in 1995, Insight has raised more than $7.6 billion and made more than 200 investments worldwide. Insight’s mission is to find, fund and work successfully with visionary executives who are driving change in their industries. Insight provides them with practical, hands-on growth expertise to foster long-term success.
For more information on Insight and its investments, visit www.InsightPartners.com.
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