Micro Investment App Spare8 Raises $7,70,000 In Pre-Seed Funding
The fund raised will be used to strengthen the marketing, growth initiatives and to build a lean but qualitatively strong team to scale quickly
Spare8, a micro investment app, raises $7,70,000 in a pre-Seed funding round led by 2am VC, a US-based early-stage venture capital firm. The round also saw the participation of Broom Ventures, Incisive Ventures, Varanium Capital and Magic Fund. Several marquee investors such as Ajay Adjseshan (founder, Paymate), Anoop Mathur (founder, Core Media), Jaydeep Deshpande (head of marketing, Google Cloud), Yagnesh Sanghrajka (founder and CFO, 100xVC) and Sachin Seth (CEO, BSE EBIX Insurance). The fund raised will be used to strengthen the marketing, growth initiatives and to build a lean but qualitatively strong team to scale quickly.
"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.
Spare8's majority customer base is from tier II cities such as Jaipur, Indore, Patna and Lucknow. It now plans to target a broader demographic that has less access to capital and less time in hand. The company aims to cater to everyone who wants to create an effortless savings habit, as per company statement.
"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.
Founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 is a micro investment platform for users to create an effortless daily investment habit and be rewarded for the same.