Spiffy driving forward with $30M Series C

RESEARCH TRIANGLE PARK – Triangle-headquartered on-demand car services company Spiffy is ready to hit the road as the firm drives forward with $30 million in additional capital.

The Series C fundraising round was led by Edison Partners and included follow-on investments from existing investors Bull City Venture Partners, IDEA Fund Partners, and more.

To date, since the firm’s founding in 2014, the company has delivered more than 2 million distinct automotive services across the United States. It now completes as many as 4,000 services per day across more than 45 regions in the country.

Spiffy is led by Triangle-based serial entrepreneur Scot Wingo, who founded Channel Advisor and the Triangle Tweener Fund, as well as other companies based in the region.

Get Spiffy hires CFO in possible prep for IPO, reports 90% revenue growth

Driving growth

But compared to all the prior startup companies, Wingo said that Spiffy is experiencing the fastest growth.

“Spiffy is scaling faster than any of my previous start-ups because we are meeting the quickly evolving preferences of convenience-oriented customers across our fleet and consumer verticals,” Wingo noted in a statement. “I’m both humbled and grateful to the existing and new investors coming along with us on this ride and plan to deliver great results in return.”

Earlier this year, Wingo said that the firm boosted revenues by 30% in 2022 compared to the prior year at a 90% growth rate. Spiffy also added a new CFO to the executive team in January, naming Brad Schomber to the post. Schomber’s experience includes navigating the process for a company to file and complete an initial public offering, or IPO.

And it doesn’t seem like the firm is slowing down, any time soon. Spiffy added brake service to its portfolio of service offerings in August 2022.

The startup raised $10 million in a Series B round in May 2022, also led by Edison Partners. That followed a $22 million Series A in October 2021.