Austin-based Sparefoot lands $10 million for growth, new hiring

Feb 25, 2014
Austin American Statesman

Austin-based Sparefoot, which helps people search online for self-storage units, has raised $10 million to accelerate its hiring plans here

The five-year-old company received the funding from New York-based Insight Venture Partners. It has raised a total of $26 million, $22 million of it from Insight. Other investors include Capital Factory, Floodgate and Silverton Partners

“Sparefoot will use this latest investment to double down on engineering and product development,” said Chuck Gordon, co-founder and CEO. “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 about 120 employees at its downtown Austin headquarters and plans to grow to 160 by year’s end. Most of the new hires will be in customer service, engineering and product development

The $24 billion self-storage industry consists of more than 52,000 facilities owned by more than 30,000 companies. A large percentage of the units turn over every year

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