SpareFoot, the country’s largest online marketplace for self storage, recently announced they have raised $10 million in venture capital from Insight Venture Partners.
This funding follows Insight Venture’s $12 million investment in SpareFoot last year. All told, Insight Venture has contributed 22 of the $26 million in venture capital raised by SpareFoot since it was founded in 2008.
SpareFoot will use this investment to improve the products it offers to 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 technologies designed 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.”
SpareFoot makes renting self-storage easy. Their free marketplace helps customers find and reserve storage units online. They manage the largest inventory of storage units in the U.S., with a network of more than 7,000 facilities across the United States. They reach millions of individuals seeking self storage through exclusive partnerships with brands like www.SelfStorage.com, www.Apartments.com and Penske Truck Rental.
For more information, visit www.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.