The savings market expands: Spiiky launches its first crowdfunding campaign

For six years now Spiiky, the site that connects stores and consumers with the objective of saving on everyday purchases, has been growing and developing. 

The company recently announced the launch of its first crowdfunding equity campaign to finance expansion nationwide. By now, there are 12 thousand affiliated merchants and 300 thousand registered customers: the platform has all the cards in order to collect up to $470,000 (€400,000) to strengthen the sales and marketing area and implement the site by inserting new functions. In short, commercial development, expansion, and renewal of the platform are the key objectives.

Read more about the crowdfunding campaign launched by Spiiky and find the latest business news with the Born2Invest mobile app.

The social network of savings aims to conquer all of Italy

The business able to meet the needs of consumers and companies has led to exponential growth in turnover. The crowdfunding operation now allows Spiiky to bring its model throughout Italy. 

In fact, the savings market is growing more than ever because the price variable strongly affects the purchase decision. This will also receive greater impetus with the COVID-19, which provides an incentive to pay more attention to expenses. The fundraising will take place on Mamacrowd, the first Italian equity crowdfunding platform for capital raised.

Spiiky crowdfunding equity campaign: how it works

For the collection, the minimum investment ticket is $295 (€250) and there is tax relief for investments in innovative startups. In addition, depending on the capital invested, there is a series of rewards such as Spiiky vouchers, discounts on cards, and cashback doubled for six months. 

Matteo Manelli, co-founder and CEO of Spiiky, said: “Our turnover has gone from $589,000 (€500,000) in 2018 to $2.48 million (€2.1 million) in 2019 until the projection of $3.54 million (€3 million) in 2020, with positive EBITDA and despite the Coronavirus emergency that has kept many of the stores in the area closed. We have seen that Spiiky’s model not only works but also keeps in extraordinary conditions. We are ready to take Spiiky all over Italy.”

Spiiky is still growing after conquering Emilia-Romagna: there are all the prerequisites to expand into other regions. During and after the pandemic, Italian consumers feel the theme of saving a lot. A multi-channel and multi-category platform is able to satisfy users who make up to 80% of their recurring purchases while saving 40% of their spending. It is also possible to accumulate points to use for future purchases. The stores (physical and online) are also satisfied: they do not subscribe but pay the platform a commission on the collection obtained. Finally, they can manage their profile independently by creating offers and modulating them according to their needs without intermediation by the platform.

The savings market

In the savings market, the growth opportunities offered by online and technology are enormous. According to a study by Il Sole 24 Ore, in 2019 the price variable affected 68% of consumers’ purchasing decisions and 94% of those who buy on the web make a price comparison before going to the till. The industry will receive a further boost from the Coronavirus emergency: Spiiky now proves to be an ally of families, because it increases their purchasing power, but also of affiliated companies because it allows them to increase the number of customers and the sales turnover without incurring promotion costs. With Spiiky, in fact, commissions are paid only when they have been collected.

The concept of Spiiky was born in 2013 when a group of friends in the province of Modena bought a dinner with a coupon and remained dissatisfied. The four of them decided to launch a beta version of the platform the following year, concerning only the city. In 2015 Spiiky introduced the commissions that affiliated merchants pay based on the turnover generated by the offers published on the platform. 

In 2018 the Spiiky App was launched. In the same year, the points and cash back program started: the points earned from purchases can be used to discount the price of future purchases. In 2019 the commercial offer expanded and Spiiky started to intercept a wider audience of merchants and consumers distributed throughout the country.

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(Featured image by rupixen.com via Unsplash)

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