Spill Invites Members To Become Investors As It Launches Equity Crowdfunding Round

Spill is inviting its members to become investors. The social media platform announced that it is launching an equity crowdfunding round, allowing users to invest in the company as it grows. The crowdfunding round opened on March 10.

“While we’ve been successful in raising venture capital for SPILL, we are a community driven product and believe strongly that the community that helps us grow in the early stage should have the opportunity to benefit as well,” it said in a press release.

Spill’s crowdfunding round

Spill is inviting users to invest in the company by participating in a crowdfunding round to secure equity in the social media platform. “People can now invest in spill with as little as $250 and participate in that success, not just from using the platform but also as we continue to grow and win,” Alphonzo ‘Phonz’ Terrell told AFROTECH in an interview.

In 2025, the social media platform is expected to reach $1 million in annualized revenue and saw a 285% increase in user signups in the fourth quarter of 2024.

Spill isn’t the only startup allowing its users to invest in their company. Last year, Fanbase raised over $10 million from three crowdfunding campaigns and 14,000 investors via StartEngine. The company launched its $17 million Reg A series equity crowdfunding campaign, allowing the public to invest in the company for $399.

The Spill App

Terrell and DeVaris Brown—the CEO and CTO of Spill—are both X employees. When Elon Musk bought Twitter, Terrell and roughly 3,700 other employees were laid off from his role as the global head of social and editorial.

After being laid off, he hopped on a call with Brown to discuss a business idea, and the two spent three days creating the pitch deck for Spill. The social media platform launched in beta in July 2023 and gained immediate popularity within the Black community.