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Sri Capital-backed start-up Fakespot gets $4 m in Series-A

Fakespot, a US-based start-up backed by Hyderabad and Philadelphia-based Sri Capital has raised $4 million in Series-A from Bullpen Capital.

Graph Ventures, Ty Shay and Faith Capital Holdings too joined this funding round. Sri Capital invested $2 million in the start-up, which helps consumers protect themselves from e-commerce scams on Amazon, Walmart and Shopify sites, in the last two years.

Fakespot will use the funds to expand its product offerings to users, who don’t want to get exposed to scams on top online marketplaces, a Sri Capital statement said here.

“As more and more of our daily actions are done online, the importance of trust has grown exponentially,” Saoud Khalifah, co-founder and CEO of Fakespot, said.

Fakespot’s platform, which uses artificial intelligence and machine learning technologies, 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,” the release said.

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