Texas storage marketplace SpareFoot raises $10M in funding

By VCPOST Staff Reporter

Feb 25, 2014 08:29 AM EST

Storage firm SpareFoot has secured $10 million in a fresh round of funding solely from Insight Venture Partners, the firm told VentureBeat today.

SpareFoot basically functions as an online marketplace for the storage sector. The company lets storage companies in a given area to show their available units with the corresponding prices. Potential clients can view the said units and canvass for prices in real-time via the marketplace. They can also look at photos of different storage businesses and book or reserve available units, the report explained.

SpareFoot plans to use the new capital to beef up its engineering and produt team. The company also plans to continue developing its platform, the report detailed.

Cofounder Chuck Gordon told VentureBeat in an interview: "We've identified a whole bunch of exciting new opportunities for us. Now we just need to develop it. There are a lot of things within the storage industry we can do."

SpareFoot was founded in Austin, Texas in 2008. To date, the startup has raised a total capital of $26 million from its investors. Presently employing 120 workers, the company plans to add 40 more people to its workforce soon, VentureBeat reported.

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