Micro investment plarform Spare8 raises $7,70,000 in Pre-seed round of funding

• ByStartupStory     |    July 30, 2022

Mumbai-based micro investment platform Spare8 has raised $7,70,000 in a Pre-seed funding round led by a US-based early-stage venture capital firm,  2am VC. The financing round also saw the participation of Broom Ventures, Incisive Ventures, Varanium Capital and Magic Fund, with various 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 by the startup will be used to strengthen the marketing and growth initiatives to build a lean but qualitatively strong team to scale quickly.

 “We are grateful and humbled to have received such tremendous response from top tier investors. 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. Within the first four weeks of launch, our daily active user base had spread across 26 states. Currently, our app has recorded more than 30K 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 Co-Founder of Spare8, Harisingani.

 Co-Founder at 2 am VC, Hershel Mehta said, “As a leading VC firm, we have often led funding rounds for startups with massive potential. Spare8 is one such startup! We firmly believe Spare8’s growth has been purely organic, driven by their cutting-edge technology integration and innovative approach. In fact, Spare8’s app has the fastest on-boarding process which takes less than 30 seconds! 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.”

About Spare8

Founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 is a micro-investment app for investing money in digital gold, enabling everyone to start their investment journey through its flagship feature for users to create an effortless daily investment habit and be rewarded for the same.

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