SpareFoot Raises $1.5 Million to Expand Self Storage Product Offerings

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SpareFoot.com closes $1.5M to Series B funding, will use to diversify self storage industry coverage

SpareFoot.com, the leading online marketplace for self storage, announced today the closing of a $1.5M extension to its Series B round of funding, bringing the total round size to $3.5M. Silverton Partners and FLOODGATE led the round with participation from Capital Factory. SpareFoot will use the proceeds to diversify its product offering.

“Across SpareFoot.com, SelfStorage.com and our other properties, we have the most consumer self storage traffic in the US of any independent site,” said founder and CEO Chuck Gordon. “We’re looking forward to using the proceeds from this round to grow that business even more.”

SpareFoot, founded in 2008, has grown to be the largest advertising network for self storage in the country.

“SpareFoot is an exciting company because they have executed well enough to demonstrate market leadership in a short time," Kip McClanahan of Silverton Partners said. "The team and the culture are such that SpareFoot will likely become a real thought leader in the market as well."

About SpareFoot:
SpareFoot is the leading online marketplace for self storage. With more than 5,000 self storage facilities listed nationwide, SpareFoot offers consumers the most complete comparison shopping experience in the storage industry. Across multiple properties including SpareFoot.com, SelfStorage.com, Apartments.com, and many others, SpareFoot helps self storage facility operators find new tenants – all through an entirely pay-for-performance model. SpareFoot is backed by Silverton Partners, FLOODGATE and Capital Factory. To start generating more tenants now, call (512) 705-6208 or visit http://www.sparefoot.com/signup.

About Silverton Partners:
Silverton Partners is an early stage venture capital firm based in Austin, Texas. Silverton collaborates with exceptional entrepreneurs who are committed to attacking growth markets with cutting-edge products or services. The principals of Silverton Partners have over two decades of venture experience in IT infrastructure and management software, having been the start-up investors in Tivoli Systems (IPO/acquired by IBM), Motive Communications (IPO/acquired by Alcatel-Lucent), Waveset (acquired by Sun Microsystems) and SailPoint (privately held). Visit http://www.silvertonpartners.com for more information.

About FLOODGATE:
FLOODGATE is a Silicon Valley based, early-stage Super Angel fund focused on start-ups that fundamentally disrupt existing large markets or create new market categories. The firm currently works with consumer-focused companies such as Twitter, Chegg, ngmoco, digg, Kongregate, IMVU, and Smule, as well as business-focused companies such as SwiftTest, Solarwinds, Spiceworks, Demandforce, and YuMe Networks.

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Chuck Gordon
SpareFoot
(512) 705-6208
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