Spacefy closes $300,000 seed round using InvestX

A few weeks ago, BetaKit reported that Spacefy would be the first Toronto early-stage startup to use Waverley’s platform, which, powered by InvestX, allows companies to fill financing rounds using its database of retail accredited investors. The company was seeking to fill $250,000 of its seed financing round.

Spacefy has announced it was able to reach 100 percent of its funding goal in just five days, and, at the request of InvestX, kept the offer open, offering another $50K in equity. That amount was filled in another 48 hours, with Spacefy closing at an oversubscribed offering of $300,000.

“Raising capital through our online platform to invest in an early stage company like Spacefy is a new and still relatively unproven model in Canada,” said InvestX CEO Marcus New. “The significant interest Spacefy enjoyed was indicative of the major appetite in the market for private investment in disruptive technology which is backed by a strong business model and growth strategy.”

Spacefy service is targeted to creative people, and works by connecting them to spaces to fulfill their projects, productions, and classes.

“We’re obviously incredibly pleased with the response to our equity offering. We believe Spacefy has incredible potential in the market and the level of investor interest certainly appears to validate that,” said Spacefy co-founder Judeh Siwady. “We’re looking forward now to our official commercial launch and demonstrating the platform’s value as a new resource for location scouting across the city as well as for performance and practice locations for the Toronto’s wide and diverse creative community.”

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.