Micro-investment app Spare8 raises $7,70,000 in pre-Seed funding

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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 major 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 money raised will be used to bolster marketing and growth initiatives and build a lean but quality team to scale quickly.

Company Handout

“Since the inception of Spare8, we have focused on creating a platform for users to micro-invest and save their wealth in a rewarding way. Through our app, you can invest your change on every online transaction and automatically set a fixed amount every day. invest amount Currently, our app has registered more than 30,000 downloads. We are pleased that our vision has struck a chord with so many users and we are constantly working to add more value to their lives,” said Ronit Harisingani, co-founder of spare8.

Spare8’s largest customer base comes from tier II cities such as Jaipur, Indore, Patna, and Lucknow. It now plans to target a broader audience that has less access to capital and less time. The company aims to cater to anyone looking to create an effortless savings habit, according to the company statement.

“We are convinced that Spare8’s growth has been purely organic, driven by their advanced technology integration and innovative approach. We see a great opportunity for this company as it helps users create an effortless investment habit. We are convinced that Spare8 unprecedented growth and take advantage of the recently raised capital,” said Hershel Mehta, co-founder of 2am VC.

Founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 is a micro-investment platform that allows users to create and reward an effortless daily investing habit.

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