For facility clients, SpareFoot’s fresh round of venture capital means more technological innovation and, ultimately, more tenant move-ins.
On March 11, SpareFoot announced it received $33 million in venture capital. New investor Revolution Growth led the round, with participation from existing investor Insight Venture Partners and new investor Monkfish Equity.
Since launching in 2008, SpareFoot has raised a total of $59 million in venture capital. Capital Factory, FLOODGATE and Silverton Partners also are investors.
There remains a huge gap in technological capabilities between the small operators and the big operators.
— Denny LeCompte, chief product officer at SpareFoot
“We want to help independent operators grow their business and compete at the same level as a large operator,” said Mario Feghali, SpareFoot’s co-founder and chief sales officer. “This funding allows us to continue that mission and double down in the areas that will allow our clients to use technology and the Internet to attract more tenants.”
Focus on technology
Denny LeCompte, chief product officer at SpareFoot, said much of the $33 million investment will go toward technology—both improvement of existing products and creation of new products—that benefits facility clients and self-storage consumers. Here are a few examples:
- The MySpareFoot portal that facility clients use to interact with SpareFoot will be enhanced.
- Facility clients will get more data about consumer demand.
- Mobile capabilities for facility clients will be upgraded.
- Finding and booking storage units on desktop or mobile devices will become even easier for self-storage consumers.
“SpareFoot’s mission is to deliver tenants to facility operators. By enhancing our consumer products, we’ll be able to deliver an ever-increasing number of tenants to current and future clients,” LeCompte said.
A better customer experience ultimately results in more move-ins for facilities, said Charlie Marriott, vice president of client services at SpareFoot.
“This funding will let us build and improve tools that help independent operators boost their online listings, manage the leads we send them and drive more tenant volume,” Marriott said.
LeCompte said online and mobile technology is a key competitive tool for independent storage operators.
“There remains a huge gap in technological capabilities between the small operators and the big operators,” LeCompte said. “With this additional funding, SpareFoot can further its strategy of delivering world-class technology to even the smallest operators—closing that gap and allowing independent operators to compete with the big operators.”
If you’re a SpareFoot facility client and have any questions, you can reach the Client Relations Team at 855-427-8193 or firstname.lastname@example.org.