Personal inventory and ecommerce analysis platform itembase raises $3.25Mio in new funding
itembase GmbH, a Berlin and San Fransisco- based startup founded by Stefan Jørgensen, recently announced that it has secured additional $3,25Mio financing. Participating in this round are existing investors High-Tech Gruenderfonds (HTGF), Rheingau Founders and German Startups Group, and Westtech Ventures, HR Alpha, as well as several other angel investors.
“We are very happy to have secured additional funds. This shows that we are pursuing the right strategy. We will continue to focus on both our product, as well as our sales strategy”, says CEO, Stefan Jørgensen.
itembase has experienced rapid growth in retail partners and users since the beginning of the year. By the end of the third quarter 2013, itembase integrated over 7,000 online retailers, which marks an average monthly growth rate of 35% since the beginning of 2013. “It’s been just great seeing how shops and users alike use itembase. Today, we are tracking roughly USD 1.5 billion in gross merchandise value. And our system is configured to scale much higher even”, itembase CTO, Ramo Karahasan, adds.
Curtis MacDonald, HTGF Investment Manager and itembase Board Member explained, “Since HTGF came on board earlier this year, we’ve seen itembase demonstrate excellent growth. We’re thrilled with how the company has been performing and to be working with such a great team.”
The company’s developments have not gone unnoticed and to further support and accelerate growth, itembase was able to attract former Skype investor, Morten Lund, as Chairman of the Board.
“Morten and I have kept in touch since I founded itembase in 2011. He proactively asked me about the news on my company and helped me to connect with potential partners and investors. A couple of emails led to a series of meetings. When thinking of an ideal partner to chair my board, I was really happy that Morten immediately said ‘yes’ and is now supporting us heavily, almost on a daily basis”, says Stefan Jørgensen, describing the initiation and current partnership.
Morten Lund adds: “I think that this is way more interesting than e-commerce – since that is soon (or already) red ocean – at itembase – we can help e-commerce shops to diversify and stay unique before the big players eat them alive.”
About High-Tech Gruenderfonds
High-Tech Gruenderfonds (HTGF) invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gruenderfonds invests EUR 500,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing. Investors in this public/private partnership include the Federal Ministry of Economics and Technology, the KfW Banking Group, as well as strategic corporate investors including ALTANA, BASF, B. Braun, Robert Bosch, CEWE Color, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gruenderfonds has about EUR 573.5 million under management in two funds (EUR 272 million HTGF I, EUR 301.5 million HTGF II).