SpareFoot

SpareFoot

Founded	2008
Founder	Chuck Gordon & Mario Feghali
Headquarters	Austin, Texas, USA
Key people	Chuck Gordon, CEO Mario Feghali, COO
Number of employees	160
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.

SpareFoot was founded in 2008 by Chuck Gordon and Mario Feghali while both were attending UCLA. The concept was developed a year prior when Gordon was attending UCLA and left to spend a semester in Singapore. 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. 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. 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. 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.

Additional funding for SpareFoot came in 2009 when the company was accepted into an incubator program at Capital Factory in Austin, Texas. They were awarded $20,000 seed capital as well as mentoring from the program. During a second round of funding in 2010, the company received $2 Million in investment from Silverton Partners and Floodgate Fund. The following year they raised $1.5 million in capital, bringing their second round total to $3.5 million.In 2014, SpareFoot raised $10 million in a Series C round of venture funding from Insight Venture Partners. 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.