TLDR:
– Moxey, a digital trade network for local businesses, has raised $1.25 million in venture capital funding for expansion plans.
– The funding round was led by SpringTime Ventures, with other investors including Clocktower Ventures and Service Provider Capital.
Moxey, a digital trade network for local businesses, has secured $1.25 million in venture capital funding to support its expansion plans. The funding round was led by SpringTime Ventures, a Colorado-based venture capital fund that focuses on high-growth startups in various sectors. The CEO of Moxey, Charlie Davis, expressed the company’s intention to establish New Orleans as a flagship community for demonstrating the potential of Moxey on a global scale. The platform currently has more than 3,000 businesses in its network, all incentivized to engage in transactions within the network before seeking external options.
Members of the Moxey network engage in transactions with one another and commit to spending the revenue generated within the community. The platform stores the value created digitally in each member’s account. SpringTime Ventures’ managing partner, Rich Maloy, described Moxey as a transformative business that has the potential to benefit numerous small businesses. The funding from this round will enable Moxey to expand its operations, validate its growth model, and pave the way for broader adoption across Main Streets in America.
In addition to SpringTime Ventures, other investors in the seed round include Clocktower Ventures based in California and Service Provider Capital based in Texas. This funding will further support Moxey’s mission to strengthen local economies and build a supportive network for small businesses.
