Florida-based loyalty marketing technology platform, SpringBig, closed a $3.2M round of funding. This round was led by Green Acre Capital and HALLEY Venture Partners, along with participation from members of The Arcview Group, and other strategic investors. To date, SpringBig has raised a total of $6.3M.
What is SpringBig?
SpringBig was founded in 2012, by Jeffrey Harris. The companies main mission is to help merchants keep their customers connected and engaged while allowing them to track their inevitable success and ROI in real-time.
We got a chance to chat with Jeffrey to discuss this current round of funding, fundraising tips and SpringBig’s plans for 2018.
Jeffrey, thank you for joining us today, can you please share with our readers a little bit about yourself?
Jeffrey Harris: I founded a Loyalty Marketing Company (Inte Q) about 20 years ago focused on developing and manage data-driven programs for large retail and financial services firms. I am not active in that business but still am the majority shareholder.
Can you share the backstory of SpringBig?
Jeffrey Harris: I launched SpringBig to provide big business marketing tools to small businesses. About a year ago we pivoted to the Cannabis industry because we felt that we could make a real difference and saw a great opportunity in the vertical.
What is the elevator pitch for SpringBig?
Jeffrey Harris: Full featured Loyalty Marketing and Digital Communications software platform for Cannabis Retailers. Built to support all of the Loyalty Program and Digital Communications needs a dispensary/retailer might need yet easy to use and navigate.
How much were you initially trying to raise?
Jeffrey Harris: Initially it was set to raise $2.25M. We were so oversubscribed that we decided to accept a bit more which led us to the $3.2M.
Jeffrey Harris: The due diligence process in total was about 2 months.
What will the funds be used for?
SpringBig will use the capital to expand its workforce with new hires in product management, technology development, analytics, sales, support, and finance, which would accelerate our growth.
Can you please share a few helpful tips and advice to our entrepreneur audience who will be raising capital this year?
Jeffrey Harris: Make it your full-time job, it requires a lot of time and attention. Network like crazy to get to the investors that will be a good fit for you and your business.
Earlier in 2017, you pitched at Arcview and won the pitch competition, how was that experience?
Jeffrey Harris: We did. We started out being one of a 100 to try and qualify for the event and made it to the top 9. I guess the audience felt that we did a great job which was very humbling for us.
What other plans does SpringBig have for 2018?
Jeffrey Harris: In addition to continuing our growth in the dispensary/retail side of the business we are looking at other areas of the distribution chain to see where we can add value and drive additional revenue.
Where are your services available?
Nationwide and in Canada
Since you offer services in California, can you share any insight into how you have prepared for legalization?
Jeffrey Harris: The California market will be a huge market so we have dedicated a good amount of resources to attack the market. We actually will be opening a sales office in Southern California very soon.
What would you say makes SpringBig different than your competition?
Jeffrey Harris: We focus on what we know and what we have been doing for 20 years. Different from everyone else in this market, we have brought our expertise in Loyalty and digital communication with us to the Cannabis industry. No one other than Springbig can make that claim. We also have a very dispensary friendly operating model. No contracts, no minimums, you simply pay for what the SpringBig services that you use.
As we all start fresh for the new year, what is the best piece of advice you would like to share with your fellow entrepreneurs?
Jeffrey Harris: Focus on what you do very well and stay dedicated to that, it will pay dividends for you down the road.
To learn more about SpringBig, visit www.springbig.com.
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