inSparq is the big data platform for retailers. There is a lot of data that can help retailers make their business smarter and ultimately help them grow sales. Unless you're Amazon or Walmart, most retailers do not have the expertise, scale or resources to make this data actionable.
inSparq uses retailer data to create smart turn-key applications that help the retailers efficiently grow sales. inSparq's first application is The Social Merchandising Suite, which translates unstructured social data and website conversion data into trending product recommendations. Retailers can then easily embed these recommendations into their site. inSparq's key value proposition is that is the only solution that leverages social data. The benefit of social data is it captures aspirational intent because people share what they are passionate about and purchase what they need day-to-day.
inSparq has thirteen enterprise clients. These customers are seeing fantastic results including: (a) 4% lift in average order value, (b) 200%+ increase in conversion rates and (c) 10X+ ROI on cost of our platform. The company is now scaling sales with a pipeline of 60+ premium retailers and brands. Founders Veronika Sonsev and Richie Hecker are operating executives and industry influencers.
Investors in this round include:
- Alessandro Piol (AlphaPrime Ventures, Big Data Fund)
- Bleum Commerce (Walmart's IT outsourcing partner)
- SFGAA (investor in Bazaar Voice)
Our company evolved by listening to customers. We started in the consumer products space and through a number of pivots ended up where we are today. inSparq started as a social messaging platform, launched a product and had exhausted our initial capital. As we were speaking to business development partners about monetization of the consumer product, one major retailer asked us if they could use our technology as an enterprise tool. We did customer development on the concept to understand customer needs and then realized this could build a more lucrative business in enterprise. Based on that, we built our first product, which was social sharing. We launched the product and started seeing results, tripling the social traffic of our clients. However, the impact still wasn't big enough. We reached out to ten clients and prospects with new ideas based on our social product. The idea that kept bubbling up was using social for recommendations. Through this process, we closed paying clients and several months later, we shipped it. Since then, our philosophy has been simple, listen to our customers and build what they will pay for.
Frequently Asked Questions
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by inSparq. Once inSparq accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to inSparq in exchange for your shares. At that point, you will be a proud owner in inSparq.
Preferred equity is usually issued to outside investors and carries rights and conditions that are different from that of common stock. For example, preferred equity may include rights that prevent or minimize the effects of dilution or grants special privileges in situations when the company is sold.
A convertible note is a unique form of debt that converts into equity, usually in conjunction with a future financing round. The investor effectively loans money to a startup with the expectation that they will receive equity in the company in the future at a discounted price per share when the company raises its next round of financing.
To learn more about startup investment types check out “How to Choose a Startup Investment” in our academy.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or government-issued identification
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
Because inSparq is offering its securities under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
Until a closing occurs, you may cancel your investment at any time, for any reason. You will receive an email when the closing occurs and your shares have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your portfolio page.
Currently there is no market or liquidity for these shares. Right now inSparq does not plan to list these shares on a national exchange or another secondary market. At some point inSparq may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when inSparq either lists their shares on an exchange, is acquired, or goes bankrupt.
You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement.
This is inSparq's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity.
This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire investment amount. In addition to these risks, you should carefully consider the specific information and risks disclosed in inSparq’s profile.