SRI Capital backed Fakespot raises $4 million
Fakespot will use the funding to expand its product offerings to its rapidly growing user base
Hyderabad: Fakespot, a platform for consumers to protect themselves from eCommerce scams on Amazon, Walmart and Shopify sites, has secured a $4 million in Series A funding led by Bullpen Capital with participation from Graph Ventures, Ty Shay, 500 Startups, Faith Capital Holdings, and founders Saoud Khalifah and Rob Gross.
Fakespot will use the funding to expand its product offerings to its rapidly growing user base that is eager to avoid the growing problem with eCommerce scams on the top online marketplaces.
Saoud Khalifah, co-founder and CEO of Fakespot, said, “As more and more of our daily actions are done online, the importance of trust has grown exponentially and Fakespot intends to be the leader in building technology and products that tackle fake reviews, fake sellers and more.”
Fakespot’s mission is to bring trust and transparency to the Internet, starting with eCommerce. Utilising a proprietary AI and Machine Learning platform that analyses many critical data points including reviews, third-party sellers, and reputation data, Fakespot has over 3,25,000 users.
By downloading Fakespot’s Chrome Extension, consumers can easily detect unreliable third-party sellers and fake reviews in real-time. Prior to raising its Series A, Fakespot’s seed rounds were led by Philadelphia’s SRI Capital, which recognised early on Fakespot’s potential to make big impact on the way people shop online.
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