Itembase, the Berlin-based personal inventory platform, has announced a $3.25m funding round and a new Chairman of the Board – former Skype investor Morten Lund. Existing investors High-Tech Gründerfonds, Rheingau Founders and German Startups Groups, along with seed funds including Westtech Ventures, HR Alpha and angel investors contributed to the latest funding round.
Ramo Karahasan (CTO), Niels Boon (CFO), Stefan Jørgensen (CEO), Moritz Fichtner (CPO)
Itembase automatically processes users’ purchases from various sources including their email, invoices and directly at the checkout on eCommerce sites. It also provides users with post-purchase support including the warranty left on an item, estimations of a product’s resale value and notifications when a new version of an already-purchased item has been released, plus customer service and frequently asked questions.
The company, which has offices in Berlin and San Francisco, was founded in 2011 by Stefan Jørgensen and Ramo Karahasan in collaboration with German incubator Rheingau Founders. Jørgensen, CEO of Itembase, said they will use the latest funds to work on their product, boost the sales strategy and fuel the company’s US expansion.
Commenting on his new position, serial entrepreneur and investor Lund said: “I think this is way more interesting than eCommerce – since that is soon (or already) red ocean. At Itembase, we can help eCommerce shops to diversify and stay unique before the big players eat them alive.”
Itembase claims to have attracted over 7,000 online retailers since launching, tracking roughly $1bn in gross merchandise value. The service is free for sellers and buyers, Itembase generates revenue by charging online retailers for tools that help them sell their products more easily and build customer retention.