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As Scot Wingo's new gig Spiffy lands extra $2.5M, he 'loves' being back with a startup

Scot Wingo speaks out

Apr, 24 2017, 10:38 AM

After launching ecommerce services provider ChannelAdivosr (one of the first) in 2001 to becoming an angel investor and much more, Scot Wingo recently returned full-time to the startup world as chair and CEO of fast-growing startup Spiffy. Wingo wasn't sure about the idea but now says he "loves" the venture - and he's got an extra $2.5 million to invest.

"I wasn't sure how it would feel going from a larger company to a smaller company and effectively 'resetting', but after taking the plunge, I really love it.," Wingo told The Skinny on Sunday after a securities filing disclosed the additional investment beyond the $5 million announced in February.

"When you are building something that has never been done and every day presents you with interesting challenges and obstacles that you have to figure out by putting together a team that can tackle those issues - that is really really fun and exciting."

Wingo was named CEO of Spiffy, which he helped launch as a company back in late 2014. He had stepped aside as ChannelAdvisor CEO two years ago but is now back in the game full-time.

The company now offers mobile car washing and detailing in the Triangle as well as Charlotte, Atlanta and Los Angeles. But there are more markets and services to come thanks to the funding, Wingo explained.

Given Wingo's track record as an entrepreneur, investors have lined up to back the new startup.

"We made the investment around the team, the large market size, the speed of their growth and the very impressive satisfaction of customers to date," says Jason Caplain of Durham-based Bull City Ventures, which led the round.

Caplain also says belief in Wingo was a major factor.

"Absolutely," Caplain says when asked if Wingo's commitment to become the startup's CEO played a role in the investment decision.

"Scot is one of the best entrepreneurs we know in the country. [Southern Capitol Ventures] was the first investor to commit to ChannelAdvisor, so we have a long and very successful history together. We are also really impressed with the rest of the team including Karl Murphy, Scot’s co-founder." [Caplain and David Jones, his partner at Bull City, also work at Southern Capitl.]

"Add a lot of value"

"After we announced the round, we had interest from some folks we thought would add a lot of value," Wingo said when asked about the additional money.

"Some we are not at liberty to announce.

"One that is a good example is TFX Capital (https://www.tfxcap.com/, a veteran-led investment and advisory firm.)

"My co-founder {Karl Murphy] is a veteran and we recruit a lot of the city-level General Managers as they come out of the military so we felt it was a good partner to have on board. Others give us some interesting geographical insights and insights into building big businesses that span geographies."

Wingo has big plans for the cash:

"Spiffy grows along three areas," he explained.

"1. Expansion in existing metros

"2. Expansion into new metros

"3. Adding new services to our wash and detail services

"The extra capital will be deployed across these three initiatives."

Investors are betting that Wingo will put a shine on their investments just as he did at ChannelAdvisor, where he remains involved as executive chairman.