Fakespot, the platform for determining the trustworthiness and validity of online reviews, has raised $4 million in funding. This round included twelve investors, led by Bullpen Capital with participation from Faith Capital Holdings, Graph Ventures, Ty Shay and 500 Startups among others in the round bringing the company’s total funding to $7 million.
The funding will be used 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.
Fakespot’s mission is to bring trust and transparency to the Internet, starting with eCommerce. Utilizing a proprietary AI and Machine Learning platform that analyses many critical data points including reviews, third-party sellers, and reputation data.
By downloading Fakespot’s Chrome Extension, consumers can easily detect unreliable third-party sellers and fake reviews in real-time. It is noteworthy to mention that Kuwait’s Faith Capital Holdings and Philadelphia’s SRI Capital participated in Fakespot’s seed rounds, recognizing early on the company’s potential to make big impact on the way people shop online.