Spiffy's press release on its $9 million funding round is below (and picked up in PE Hub, Markets Insider, WRAL Techwire, and other places). The Triangle Business Journal has more.
A cliche of angel investing is you "back the jockey not the horse." The Spiffy team is one of the most impressive group of entrepreneurs we have ever had the opportunity to back.
Scot Wingo's track record of ecommerce success is unequalled in the Carolinas; coupled with Karl Murphy's operational capacity and expertise in the car maintenance world, and the wider team's breadth, depth, and capability, the team scores higher in our diligence evaluation than virtually any other company we've seen. We look forward to working with, and learning from, them as they grow Spiffy.
RESEARCH TRIANGLE PARK, N.C., July 17, 2018 /PRNewswire/ -- Get Spiffy, Inc. (Spiffy), an on-demand car care, technology, and services company, today announced the closing of a $9m fund raise led by Bull City Venture Partners.
The new capital infusion will enable Spiffy to broaden car care services, expand geographies, and develop additional channels.
All existing Spiffy investors, including IDEA Fund Partners, participated in the funding and new investors were added including strategic investor MANN+HUMMEL. Other investors included Visionary Private Equity Group, the North Carolina Venture Capital Multiplier Fund, Wolfpack Investor Network (WIN), and VentureSouth.
"Since our first investment, Spiffy has grown from three to five markets, added several new services like mobile oil change, and dramatically expanded their fleet business. With this financing, we are excited to continue to support Spiffy on their very impressive growth trajectory," said Jason Caplain, general partner Bull City Venture Partners.
"Just as e-commerce changed the retail landscape, on-demand services are changing consumer expectations around every touchpoint in a service interaction. Investing in Spiffy gives us the opportunity to explore the fascinating intersection of our products and their on-demand services," said Charles Vaillant, MANN+HUMMEL Chief Technology Officer.
"We continue to experience over 100% y/y growth and incredibly high customer satisfaction. We look forward to using the proceeds of this round to roll out more 5-star services, geographies, and channels," said Spiffy CEO, Scot Wingo.
Dr. Ron Zamber, Chairman of Visionary Private Equity Group commented, "VPEG is excited to be an investor in Spiffy as they are capitalizing on their unique approach to market in a methodical and precise manner. Beyond the rapid rise in on-demand services, Spiffy via Spiffy Blue (a proprietary on-board diagnostics solution) is also well positioned to capitalize on the explosion in the IoT market which is predicted to generate $300 Billion annually by 2020 being led by manufacturing, transportation, and logistics."
Spiffy (www.GetSpiffy.com) is an on-demand technology and services company with the mission to redefine the car care experience everywhere. Anyone can schedule a service in less than two minutes with the Spiffy app. Spiffy currently operates in Raleigh and Charlotte, North Carolina, Atlanta, Georgia, Los Angeles, California and Dallas, Texas. Spiffy washes, details, and changes oil using the Spiffy Green environmentally-friendly system that is the eco-friendliest way to care for your vehicle. Spiffy's innovative technology allows clients to schedule, track and pay for services at the time and location of their choosing. The Spiffy Blue on-board diagnostics solution puts Spiffy technology in customers' hands nationwide.