Disclaimer: I am an investor in Sparefoot, and they were in the 2009 Capital Factory program where I am a Managing Director.
In early 2009, the founders of Sparefoot (then called Homstie.com) had a vision of allowing people with extra storage space in their homes to make a match with people who wanted to store things. It was a way to bypass the traditional self-storage providers, and create a mutually beneficial relationship between people who otherwise would never have met. That was the premise of the company, which was founded in Los Angeles.
The company was accepted into Capital Factory, an early stage technology accelerator, where the team was given some funding, free services, and some mentorship to help them get to the next level. During the summer of 2009 the founders did more research on the market, tested out some ideas and refined their offerings. At the 2009 Demo Day, the company announced on stage that they had secured a round of significant seed funding.
Today the company announces a $2M Series B financing, with return investors Silverton Partners, FLOODGATE (the new name for Mike Maples firm), and Capital Factory returning as investors. SpareFoot will use the proceeds to grow its team and expand into new marketing channels with the goal of driving even more tenants to its clients.
“We’re excited to use the proceeds from this round to grow our team and drive more tenants to our clients. The support from Silverton and FLOODGATE is reflective of the traction we’ve achieved in the storage industry,” said SpareFoot CEO Chuck Gordon.
In less than one year, SpareFoot has aggregated the largest real time inventory of self storage units on the web. SpareFoot offers consumers a comprehensive comparison shopping experience coupled with exclusive pricing. For storage companies, SpareFoot fills vacant units with a strictly pay for performance. “We are extremely pleased with the high quality tenants SpareFoot.com has sent to our facilities,” said Simply Self Storage Director of Marketing Christina Furnia. “Their pay for performance model means no risk for our company – there is only upside. Getting set up was a breeze through the direct integration with our software and I’m happy to report the quantity of tenants from SpareFoot is growing substantially every month.”