SpareFoot Raises $2 Million to Accelerate Growth

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SpareFoot secures $2M in Series B funding from Silverton Partners and FLOODGATE.

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The support from Silverton and FLOODGATE is reflective of the traction we’ve achieved in the storage industry

SpareFoot.com, the leading online marketplace for self storage, announced today the closing of its $2M Series B round of funding. Silverton Partners and FLOODGATE led the round with participation from Capital Factory. SpareFoot will use the proceeds to grow its team and expand into new marketing channels with the goal of driving even more tenants to its clients.

“We’re excited to use the proceeds from this round to grow our team and drive more tenants to our clients. The support from Silverton and FLOODGATE is reflective of the traction we’ve achieved in the storage industry,” said SpareFoot CEO Chuck Gordon.

In less than one year, SpareFoot has aggregated the largest real time inventory of self storage units on the web. SpareFoot offers consumers a comprehensive comparison shopping experience coupled with exclusive pricing. For storage companies, SpareFoot fills vacant units with a strictly pay for performance model.

"We are extremely pleased with the high quality tenants SpareFoot.com has sent to our facilities,” said Simply Self Storage Director of Marketing Christina Furnia. “Their pay for performance model means no risk for our company - there is only upside. Getting set up was a breeze through the direct integration with our software and I'm happy to report the quantity of tenants from SpareFoot is growing substantially every month."

Kip McClanahan, partner at Silverton Partners, commented, “The storage industry has been waiting for a company like SpareFoot. They are changing the self-storage industry with a comparison shopping experience much like Expedia and Priceline changed the travel industry. And by charging storage facilities only when a new tenant moves in, there’s zero risk joining the SpareFoot marketplace. It’s been great to see SpareFoot emerge as the leader and we’re excited to see them continue to grow.”

About SpareFoot:

SpareFoot is the leading online marketplace for self storage. With more than 5,000 self storage listings nationwide, SpareFoot offers consumers the most complete comparison shopping experience in the storage industry while helping storage operators find new tenants – all through an entirely pay-for-performance model. For more information about SpareFoot, call (512) 705-6208 or visit http://www.sparefoot.com.

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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Mario Feghali
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