SpareBox Storage Company Profile

Background

Founded in August 2020, SpareBox Storage is a rapidly growing self-storage operator in the United States. The company focuses on acquiring and managing stabilized self-storage properties, particularly in secondary and tertiary markets. With a mission to provide a streamlined, contactless customer experience, SpareBox leverages technology to simplify the rental process, allowing customers to manage their storage needs entirely online or via kiosks. As of June 2025, SpareBox operates over 100 facilities across nine states, encompassing approximately 7.4 million square feet of rentable space.

Key Strategic Focus

SpareBox's strategic focus centers on consolidating the fragmented self-storage market by acquiring high-quality, stabilized assets in growing secondary and tertiary markets. The company emphasizes operational efficiency through its proprietary technology platform, enabling contactless rentals and 24/7 customer service. This approach not only enhances customer satisfaction but also drives operational performance and efficiency. SpareBox targets markets with strong demographic fundamentals, aiming to capitalize on the increasing demand for self-storage solutions.

Financials and Funding

SpareBox Storage is a joint venture between investment funds advised by Davidson Kempner Capital Management LP and Rizk Ventures. Davidson Kempner is a global investment management firm with over 40 years of experience and more than $37 billion in assets under management. Rizk Ventures, founded by Thomas A. Rizk, focuses on real estate, technology, and healthcare investments. The financial backing from these partners has enabled SpareBox to rapidly expand its portfolio through strategic acquisitions.

Pipeline Development

Since its inception, SpareBox has demonstrated a robust acquisition strategy:

September 2021: Acquired 28 properties in Michigan and Ohio, adding 1.9 million square feet to its portfolio.

February 2022: Surpassed the 100-store milestone with acquisitions in Austin, Texas, and Manchester, New Hampshire.

September 2023: Appointed Kate Matheny as CEO, signaling a continued focus on strategic growth and operational excellence.

These milestones reflect SpareBox's commitment to expanding its footprint and enhancing service offerings in key markets.

Technological Platform and Innovation

SpareBox differentiates itself through a proprietary technology platform designed for contactless rentals and remote management. This platform includes:

Contactless Rentals: Enables customers to browse availability, sign leases, and make payments entirely online or via kiosks, providing a seamless and convenient experience.

Remote Management: Utilizes advanced software solutions to manage operations across multiple locations efficiently, reducing the need for on-site staff and enhancing operational efficiency.

24/7 Customer Service: Offers round-the-clock support through a professional customer service team, ensuring customer inquiries and issues are addressed promptly.

These technological innovations position SpareBox as a leader in modernizing the self-storage industry.

Leadership Team

SpareBox's leadership comprises seasoned professionals with extensive experience in real estate and self-storage operations:

Kate Matheny, CEO: Appointed in September 2023, Matheny brings over 20 years of experience in real estate operations, accounting, and finance. She previously served as CFO and CIO of SpareBox and held leadership roles at Flatirons Asset Management, Red Dot Storage, and other investment firms.

Chuck James, President and COO: Co-founder of SpareBox, James has over 23 years of experience leading operations, accounting, finance, HR, and IT across multiple industries. He was formerly CEO of Red Dot Storage, where he pioneered automated storage operations.

Their combined expertise drives SpareBox's strategic vision and operational success.

Leadership Changes

In September 2023, SpareBox appointed Kate Matheny as CEO and co-founder Chuck James as President and COO. Matheny succeeded Steve Treadwell, who previously held the CEO position. These leadership changes underscore the company's commitment to leveraging experienced leadership to guide its growth and innovation strategies.

Competitor Profile

Market Insights and Dynamics

The self-storage industry has experienced significant growth, driven by factors such as urbanization, downsizing trends, and increased consumer demand for flexible storage solutions. The market is characterized by a mix of large publicly traded companies and numerous smaller, independent operators, creating opportunities for consolidation and technological innovation.

Competitor Analysis

Key competitors in the self-storage sector include:

Extra Space Storage Inc. (EXR): A leading self-storage REIT with a vast portfolio across the U.S., known for its strong financial performance and extensive market presence.

Public Storage (PSA): One of the largest self-storage operators globally, offering a wide range of storage solutions with a focus on customer service and security.

CubeSmart (CUBE): Emphasizes customer convenience and operational efficiency, with a significant number of facilities nationwide.

National Storage Affiliates Trust (NSA): Focuses on partnering with regional operators to consolidate the fragmented self-storage market, leveraging local expertise.

These competitors have established strong market positions through extensive portfolios and customer-centric services.

Strategic Collaborations and Partnerships

SpareBox's partnership with Davidson Kempner Capital Management LP and Rizk Ventures provides substantial financial backing and strategic guidance. This collaboration has been instrumental in facilitating rapid expansion and technological advancements, positioning SpareBox as a formidable player in the self-storage industry.

Operational Insights

SpareBox's strategic focus on secondary and tertiary markets allows it to tap into underserved areas with growing demand for self-storage. The company's emphasis on technology-driven, contactless operations not only enhances customer convenience but also reduces operational costs, providing a competitive edge over traditional storage operators.

Strategic Opportunities and Future Directions

Looking ahead, SpareBox aims to continue its aggressive acquisition strategy, targeting markets with strong demographic growth and limited self-storage options. The company plans to further enhance its technological platform, potentially introducing AI-driven capabilities to optimize operations and customer service. By leveraging its current strengths and strategic partnerships, SpareBox is well-positioned to capitalize on emerging opportunities in the self-storage industry.