Spill launches equity crowdfunding round, following sharp growth
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Kenya Parham speaks on stage during the 56th NAACP Image Awards Hosts Hollywood House Symposium on Feb. 19 in Los Angeles. Photo: Monica Schipper/Getty Images
Spill, the social media platform built with a focus on culture, is inviting members to become investors.
Why it matters: The company says it's an effort to capitalize on a 282% spike in signups and a path to $1 million in annualized revenue by 2025.
Driving the news: The social media platform said Wednesday it's launching an equity crowdfunding round, allowing users to invest in its future as it scales.
- Kenya Parham, recently promoted to chief growth officer, tells Axios that Spill is expanding its impact in social media by prioritizing culture-driven growth, user ownership and safety.
What they're saying: Parham said she could not provide specific numbers, but that January was Spill's most significant month of user growth since its 2023 launch.
- "We're seeing an ongoing migration because people are looking for safer, more joyful spaces online," she said.
Catch up quick: Spill, launched in 2022, was founded by Alphonzo "Phonz" Terrell, Twitter's former global social director. Terrell observed leadership changes and escalating hate speech and online attacks against underserved communities.
- He felt the communities that thrive on these platforms — including Black and Brown users, queer users, and marginalized voices — are the ones who face the most severe consequences from hate speech and algorithm bias.
- Spill has raised $5 million in venture funding so far. Among its investors are MaC Venture Capital and celebrities like Kerry Washington.
Terrell and Parham say Spill works because it was built by the people who shape culture.
- Spill says its AI content moderation — developed with input from Black and Brown communities — reduces hate speech by 66% compared to legacy platforms.
- The crowdfunding round, which will open on March 10, signifies a shift from traditional VC-only fundraising to community-driven investment.
The bottom line: Terrell hopes Spill can redefine social media's future by building with and for communities that shape culture.
- "We're proving that when you put people first — protect them, celebrate them, and reward them — social media can actually be a force for good," he said.
