NEW ORLEANS – Moxey, a digital trade network for local businesses, said it has raised more than $1 million for its expansion plans. The funding round was led by SpringTime Ventures, a Colorado-based venture capital fund that seeds high-growth startups in healthcare, fintech, insurance tech and logistics.
“We intend to build New Orleans into a flagship community for the world to see what Moxey can do,” said Charlie Davis, the startup’s CEO, in a press release.
Moxey claims more than 3,000 businesses in its network. Each is incentivized to shop with network members before exploring external options. Members of the network sell their goods and services to other members and agree that the revenue generated will be spent within the community. The value created through the transaction is stored digitally in the member’s account on the Moxey system.
“Moxey is a truly transformative business that stands to benefit millions of small businesses,” said Rich Maloy, SpringTime’s managing partner. “We’ve been on board with Moxey since meeting Charlie in the spring of 2022. This funding round will enable Charlie and the Moxey team to expand the business, prove out their growth model, and set a path forward to bring Moxey to every Main Street in America.”
Other seed round investors include California-based Clocktower Ventures and Texas-based Service Provider Capital.
