Spare8, a micro-investment app, raises $770K in a pre-seed round led by 2am VC
Mumbai-based Spare8, a micro-investing platform that helps users create a simple everyday investment habit, has raised $770,000 in a pre-seed funding round led by 2 am VC, with participation from Broom Ventures, Incisive Ventures, Varanium Capital, and Magic Fund.
Several prominent angel investors like Ajay Adiseshan (Founder – Paymate), Anoop Mathur (Founder – Core Media), Jaydeep Deshpande (Head of Marketing – Google Cloud, India), Yagnesh Sanghrajka (Founder & CFO – 100xVC) and Sachin Seth ( CEO – BSE EBIX Insurance) also participated in the round.
Founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 said it is working hard on a mission to simplify the way consumers invest, spend, see and save money. “Through our app, you can invest your spare change in every online transaction and automatically invest a fixed amount every day,” said Ronit Harisingani.
The startup also said that its largest customer base is from tier-II cities like Jaipur, Indore, Patna, and Lucknow. It now plans to target a broader demographic that has less access to capital and less time.
As consumer spending habits continue to increase, there is an urgent need for a concrete bridge between spending and investing. It fills this gap and the product aims to satisfy anyone who wants to create an easy savings habit.
According to a company statement, the capital raised will be used to strengthen growth and marketing initiatives along with building a quality team for expansion.
Ronit said that within the first four weeks of its launch, the app’s daily active user base had expanded to 26 states. Currently, the app has seen more than 30,000 downloads, he said. “We are happy that our vision has reached so many users and we are constantly working to add more value to their lives,” added Ronit.
Hershel Mehta, the co-founder of 2am VC, said of the investment: “As a leading VC firm, we have often led funding rounds for startups with huge potential. Spare8 is one such startup! We strongly believe that Spare8’s growth has been purely organic, driven by its cutting-edge technology integration and innovative approach.
“In fact, Spare8 has the fastest onboarding process, taking less than 30 seconds! We see a big opportunity for this company as it helps users create a simple investment habit. We are confident that Spare8 will continue to experience unprecedented growth and make the most of the recently raised capital,” said Hershel.
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