Today’s on-demand world requires even the most traditional industries to integrate technology. This morning, Revolution Growth, Insight Ventures, and Monkfish Equity announced a $33 million investment in one of the last industries to be disrupted by innovation – the $25 billion self-storage industry.
Founded in 2008 by Chuck Gordon and Mario Feghali, Austin-based SpareFoot has brought the power of the Internet to the highly fragmented self-storage industry. Through its online marketplace and partnerships with major consumer brands like AAA and Penske, SpareFoot connects thousands of independently owned and operated self-storage providers together with millions of consumers searching for storage units.
The company is able to provide value for both sides of the storage industry, aiding consumers seeking the best options for storage, and enabling storage operators looking to expand consumer reach and drive increased business. SpareFoot is using a proven marketplace model to disrupt this massive industry, and has become to storage what OpenTable is to restaurants, Booking.com is to travel, and Zillow is to home buying.
SpareFoot is attacking a large, traditional industry with innovation. Their business perfectly aligns with Revolution philosophy of investing in companies that offer consumers more choice, convenience, and control in their lives. We are excited to welcome another incredible company and entrepreneurs into our portfolio!