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.
Read more on the subject and find the latest business headlines with the Born2Invest mobile app.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Why the Cannabis Industry in New York Run Into Difficulties
As per the Cannabis Growers Alliance, potential losses could reach millions in New York. While over half of U.S. states...
Winelivery Aims to Raise €3.5 Million to Expand Bar&Enoteca Line and Acquire a Media Company
Winelivery will use the capital from the collection to expand the Bar&Enoteca business line, which currently has four owned premises...
Science Finances the Development of an Infrastructure for Advanced Therapies in Spain with €45
Embedded within the Strategic Plan for Economic Recovery for Vanguard Health, this initiative is funded through the Recovery, Resilience, and...
COP28: African Leaders Call for Financing for the Continent’s Adaptation to Climate Change
Addressing the Adaptation Finance for Africa Summit African leaders emphasized the urgent need for an increase in climate adaptation finance,...
ESG Investing Is About Getting It Right Over the Long Term Without Losing Profitability
There are many aspects that condition the selection criteria in ESG investment, such as the environmental or social dimensions, without...
Cannabis2 weeks ago
The Illegal Cannabis Market in Europe Reaches €11.4 Billion
Impact Investing5 days ago
Why the Carbon Credit Market Is Not Working
Biotech2 weeks ago
Why Bayer Sinks a Staggering 21.3% on the Frankfurt Stock Exchange
Cannabis1 week ago
Germany Plans to Legalize Home Cultivation and Possession of Cannabis as of April 1st, 2024