Digital Magics, a Milan, Italy-based certified incubator (AIM Italia Borsa Italiana: DM), and 56CUBE, its digital startup venture incubator based in Fisciano (SA) and focused on Southern Italy, acquired a 12% equity stake in Cambiomerci.com.
The company intends to use the funds to continue to develop its technology adding new features and expand operations in Italy.
Led by Francesca Scarpetta, founder and Managing Director, and Antonio Leone CEO, Cambiomerci.com operates a multilateral barter system for the exchange of goods or services without using money but a complementary currency. On the platform, associated businesses can acquire raw materials, semifinished and finished products, and services from other companies, by paying via respective products and services. The seller obtains a complementary currency credit which can used to acquire needed products from other companies. The mechanism, granted by the expiration date of credits and debts,
allows participants to reach goods replacing money as the method of exchange in times of monetary crisis.
The platform is already used by 450 companies nationwide in the food and beverage, furniture, real estate, tourism, automotive, learning, and advertising.
In the USA the barter system represents a 7billion market with 500,000 companies involved.