Switcho Raises €2M of Equity on Mamacrowd: Lead Investor Eltif ALIcrowd

Switcho, a Milan-based fintech startup that helps users save money on household utilities, has closed its equity crowdfunding campaign on Mamacrowd, which started at the beginning of August, raising just under $2.35 million (€2 million). The campaign was led by ALIcrowd, the first venture capital Eltif set up by Azimut Investments SA and managed by Azimut Libera Impresa SGR in partnership with Mamacrowd. 31 private investors also participated in the capital increase. The campaign, which gave Switcho a pre-money valuation of $5.4 million (€4.6 million), went into overfunding, beating the minimum target of $1.4 million (€1.19 million) and touching the maximum target of $2.35 million (€2 million).

Switcho in January 2020 had cashed in a $680,000 (€580,000) seed round, which had been underwritten by a pool of business angels. The company had already cashed in a pre-seed round from Milan-based merchant and investment banking boutique Cenciarini & Co at its incorporation in March 2019. The startup had also obtained about $188,000 (€160,000) thanks to Invitalia’s Smart & Start program.

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Switcho was founded in March 2019 by Marco Tricarico, Redi Vyshka, and Francesco Laffi

The startup, thanks to a proprietary algorithm, analyzes the household utilities of the individual customer and helps him to find the most suitable market offer for him. The platform also deals with all the bureaucratic aspects of a possible switch to another supplier (and if it is not convenient to change, it alerts the user). Playing a third-party role with respect to suppliers and rate comparators, the platform places itself on the side of the end-user with the aim of becoming a digital “personal savings assistant”. The processes of consumption analysis and service activation, in fact, take place entirely online at the request of the user, for which the service is free. So far, Switcho has offered its users savings options for over $5.86 million (€5 million), with the aim of becoming an indispensable personal finance tool for all families. Finally, last March Switcho signed a partnership with Hype, an Italian challenger bank participated by Illimity and Fabrick.

Tricarico, CEO and co-founder of Switcho, explained: “The new resources will be allocated mainly to the expansion of the team and to the technological development, which is the heart of our business: we will immediately insert several resources in the marketing, technology, and operational management teams to strengthen our product and our offer, also in the B2B area.”

ALIcrowd is one of the subscribers of the equity crowdfunding campaign on Mamacrowd of Pharmercure, a website where it is possible to organize home delivery of all products that can be purchased in pharmacies, including prescription drugs. Eltif also subscribed to the equity crowdfunding campaign of Orapesce, which closed this month with a collection of $1.35 million (€1.15 million).

Last August, Azimut’s Eltif also invested in the crowdfunding of Dishcovery, a startup active in B2B catering that offers a menu translation service in all languages and of animal tracking device manufacturer Kippy. Last July, venture capital firm Eltif invested $1.17 million (€1 million) in Yocabè, an innovative company that helps brands sustain sales on marketplaces, as well as in the aforementioned Orapesce.

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(Featured image by nattanan23 via Pixabay)

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