Micro-investment app Spare8 raises $770-K from 2am VC, Broom Ventures, others

Spare8, a Mumbai-based micro-investment app, has raised USD 770,000 in a pre-seed round led by 2am VC, along with Varanium Capital, Broom Ventures, Incisive Ventures, and Magic Fund. Ajay Adiseshan, Anoop Mathur, Jaydeep Deshpande, Yagnesh Sanghrajka and Sachin also joined the round. Spare8 enables users to create a daily investment habit and be rewarded for the same. Most of its customers are from Tier-II cities such as Jaipur, Indore, Patna and Lucknow. The funds will be used to strengthen marketing, growth initiatives and to build a team.