SpareFoot is an Austin-based company that provides listings for self-storage units. The company was originally a person-to-person model, similar to Airbnb, that later developed into a marketplace for self-storage. The company now facilitates self-storage rentals between consumers and storage operators. The company was profiled as one of America's Most Promising Startups by Bloomberg Businessweek in 2011.[4]
Quick Facts Founded, Founder ...
SpareFoot |
| Founded | 2008[1] |
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| Founder | Chuck Gordon & Mario Feghali |
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| Headquarters | , USA |
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Key people | Chuck Gordon, CEO[2]
Mario Feghali, COO[2] |
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Number of employees | 160[3] |
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| Website | www.sparefoot.com |
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SpareFoot lists storage business around a particular area to show available units and prices. Customers are able to view available units, real-time price quotes, view photos and make reservations.[5] The company currently works with more than 10,000 storage facilities across the nation.[6]
In 2016, SpareFoot added valet-storage operators to its searchable database.[6] This on-demand option, called Full-Service Storage, takes care of pick up, storage and return delivery on demand. As of 2017, SpareFoot's Full-Service Storage is available in almost 50 markets across the U.S.[7]
The company has also expanded its offerings by partnering with providers of other moving and storage services. Current moving-related offerings include moving supplies,[8] moving truck rental,[9] and full-service storage with moving labor.[10]
SpareFoot was founded in 2008 by Chuck Gordon and Mario Feghali while both were attending UCLA.[11] The concept was developed a year prior when Gordon was attending UCLA and left to spend a semester in Singapore.[12] Gordon used space in Feghali's residence as well as space in girlfriend's garage. While away, Gordon came up with the concept which he pursued with Feghali.[11] SpareFoot was originally formed as a person-to-person website with the concept of facilitating the rental of extra storage space in private residences to those looking for storage.
Original funding came from family members and friends.[11] The site failed to gain traction with a person-to-person model. The founders noticed that there were more storage companies signing up to sell space as opposed to homeowners.[11] The site was re-branded (along with a name change from Homstie to SpareFoot) and began allowing customers to find, compare and review potential storage providers.[11]
Additional funding for SpareFoot came in 2009 when the company was accepted into an incubator program at Capital Factory in Austin, Texas.[13] They were awarded $20,000 seed capital as well as mentoring from the program.[11]
During a second round of funding in 2010, the company received $2 Million in investment from Silverton Partners and Floodgate Fund.[14] The following year they raised $1.5 million in capital, bringing their second round total to $3.5 million.[1]
In 2014, SpareFoot raised $10 million in a Series C round of venture funding from Insight Venture Partners.[15]
On March 11, 2015, the company announced a Series D round of $33 million from Insight Venture Partners as well as Monkfish Equity and Revolution LLC.[16]
In 2011, Chuck Gordon and Mario Feghali were named to the list of 30 Under 30 by Forbes.[2]
In 2013, SpareFoot was the winner of the Austin Startup Games, a competition that paired 15 startup companies against each other in games like ping pong, flip cup, and shuffleboard. SpareFoot received $30,000 for winning which they donated to the charity Kure It Cancer Research.[17]
The company ran a campaign in 2012 where they donated $3 in school supplies for users of their Facebook and Twitter pages who posted items they have kept since they were in grade school.[18] SpareFoot also gave $100 vouchers for self-storage space to Washington D.C. residents affected by Hurricane Sandy in 2012.[19]
SpareFoot was listed as one of 7 Awesome Dog-Friendly Companies for National Dog Week by Career Bliss in 2012 for allowing dogs at their headquarters in Austin.[20]
