SpaceSplitter helps roommates manage their household finances and relationships. There are over 32 million roommates in the United States, and each year they spend over $24 billion on the products they share.
OurList is an innovative product that lets roommates buy the products they share from credible partners such as Soap.com, Target.com, and P&G, while SpaceSplitter allows each of the roommates to pay for their "split" of the orders with their individual credit cards.
While SpaceSplitter is excited to capitalize on a multiple revenue opportunities, the key source of revenue or the company comes from 5%-12% comissions it earns when it sells products for its affiliates via the OurList product.
SpaceSplitter launched its public beta 6 weeks ago, the organization is already generating over $30,000 annually, and it is driving user acquisition through channel partners such as colleges and online roommate-matching sites.
With a $50,000 investment from friends and family, SpaceSplitter is very much bootstrapped, and the founders are firm believers in the notion that revenue is the best way to finance a business. That said, SpaceSplitter is raising an additional $800,000 from angels and institutional investors to enable the organization to make key hires, and to grow user acquisition.