SpareFoot receives $10 million in funding

Posted Feb 24, 2014

SpareFoot has received $10 million in funding from Insight Venture Partners. SpareFoot is an online marketplace for self-storage. Other investors that participated in this round include Capital Factory, FLOODGATE, and Silverton Partners. SpareFoot runs the largest online marketplace for self-storage. 

SpareFoot has raised a total of $26 million in venture capital since being founded in 2008. Out of this total amount, Insight Venture Partners provided $22 million – $10 million this year and $12 million last year.

?SpareFoot will use this latest investment to double down on engineering and product development,? stated Chuck Gordon, co-founder and CEO of SpareFoot. ?We believe there is a big opportunity to expand our offerings in the market, and that?s what we?re going to do. Our goal is to make renting a storage unit easier than booking a hotel room, and this new investment will help us make that happen.?

SpareFoot has around 120 employees at their headquarters in Austin, Texas. The company plans to employ nearly 160 people by the end of the year.

[Source: PEHub]