Spare8, a micro-investment platform has raised $7,70,000 in its Pre-seed funding round from 2am VC, a US-based early-stage venture capital firm.
Other angel investors including Jaydeep Deshpande (head of marketing, Google Cloud), Yagnesh Sanghrajka (founder and CFO, 100xVC), Ajay Adjseshan (founder, Paymate), Anoop Mathur (founder, Core Media), and Sachin Seth (CEO, BSE EBIX Insurance).
The startup plans to scale quickly to build a lean yet qualitatively strong team, using the funds to strengthen marketing and development initiatives.
The Mumbai-based Spare8 was founded in 2021 by Ronit Harisingani and Shardul Saiya, It is a micro investment platform for the users to make a daily investing habit and get rewarded for the same.
“Since Spare8’s inception, we have aimed at creating a platform for users to micro-invest and save their wealth in a rewarding manner. Through our app, you can invest your spare change with each online transaction and auto-invest a fixed amount every day. Currently, our app has recorded more than 30,000 downloads. We are glad that our vision struck a chord with so many users and we are constantly working on adding more value to their lives,” said, Ronit Harisingani, co-founder, Spare8.
It has a majority customer base from Tier II cities such as Jaipur, Indore, Patna and Lucknow, and now plans to target a wider demographic that has less access to capital and less time on hand.
The startup aims to cater to all those who want to create an innate savings habit.
“We firmly believe Spare8’s growth has been purely organic, driven by their cutting-edge technology integration and innovative approach. We see a great possibility for this company as it helps users create an effortless investing habit. We are confident that Spare8 will continue registering unprecedented growth and make the best of the recently raised capital,” said, Hershel Mehta, co-founder, 2am VC.
Spare8 is on a mission to simplify the way people invest, spend, see and save money. They’re building a new kind of micro investment platform, one that lives on smartphone and built for the way customer live today.
They help users invest their spare change from everyday transactions to the nearest Rs.10, be it any mode of digital payment (Debit Card, Credit Card, UPI, E-wallet, Net banking).
They then invest the spare change into a Digital Gold. This helps one unintentionally invest every time spend or splurge and help them become financially independent.