SpareFoot

Last updated
SpareFoot
Founded2008 [1]
FounderChuck Gordon & Mario Feghali
Headquarters
Austin, Texas
,
USA
Key people
Chuck Gordon, CEO [2]
Mario Feghali, COO [2]
Number of employees
160 [3]
Website www.sparefoot.com

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]

Contents

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]

History

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]

Company culture and philanthropy

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]

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References

  1. 1 2 Lynley, Matthew (7 March 2011). "Need Storage? Find It With SpareFoot – Which Just Raised $1.5M". VentureBeat. Retrieved 27 June 2013.
  2. 1 2 3 "30 Under 30 Real Estate". Forbes Magazine. 19 December 2011. Retrieved 27 June 2013.
  3. ↑ Calnan, Christopher (2 June 2014). "SpareFoot to hire 25 customer service workers". Austin Business Journal. Retrieved 16 July 2014.
  4. ↑ "America's Most Promising Startups". Bloomberg Businessweek. 25 August 2011. Retrieved 27 June 2013.
  5. ↑ "Storage marketplace SpareFoot closes $10M funding". VentureBeat. 2014-02-24. Retrieved 2017-07-31.
  6. 1 2 "Self Storage Online Directory SpareFoot Adds Valet Storage Services to Its Searchable Database". www.insideselfstorage.com. 2017-03-29. Retrieved 2017-07-31.
  7. ↑ "SpareFoot Doubles Metro Areas Offering Full-Service Storage" . Retrieved 2017-07-31.
  8. ↑ "Find Moving Supplies & Moving Boxes". SpareFoot.
  9. ↑ "Find A Moving Truck Near You". SpareFoot.
  10. ↑ "Full-Service Storage". SpareFoot.
  11. 1 2 3 4 5 6 "Today's Featured Member, Sparefoot Started With A Guy Who Needed To Store His Stuff". Startup American Partnership. Retrieved 27 June 2013.
  12. ↑ Quesada, Tony (29 July 2011). "Journal Profile: Chuck Gordon, CEO, Sparefoot Inc". Austin Business Journal. Retrieved 27 June 2013.
  13. ↑ Higginbotham, Stacey (22 April 2009). "Austin's Capital Factory Incubator Bets on Consumer Startups". New York Times. Retrieved 27 June 2013.
  14. ↑ Hawkins, Lori (21 June 2010). "SpareFoot Collects $2 Million For Growth". The Statesman. Retrieved 2 July 2013.
  15. ↑ Kolodny, Lora (25 February 2014). "Austin Startup SpareFoot Raises $10M to Become "OpenTable for Self-Storage"". Wall Street Journal. Retrieved 9 March 2014.
  16. ↑ "Xconomy: SpareFoot Packs in a $33M Series D to Improve Storage Booking Service". 11 March 2015.
  17. ↑ Lalorek (17 February 2013). "SpareFoot Wins Austin Startup Games". Silicon Hills. Retrieved 27 June 2013.
  18. ↑ Calnan, Christopher (31 August 2012). "SpareFoot spares school supplies as part of charitable campaign". Austin Business Journal. Retrieved 27 June 2013.
  19. ↑ Sommer, Will (31 October 2012). "Start-Up Offering Free Storage For D.C. Sandy Victims". Washington City Paper. Retrieved 27 June 2013.
  20. ↑ Trikha, Ritika (26 September 2012). "7 Awesome Dog-Friendly Companies For National Dog Week". Career Bliss. Retrieved 27 June 2013.
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