Kuwaiti-founded and New York-based Artificial Intelligence startup Fakespot just raised an investment of $1.3 million in a seed round with the participation of Faith Capital.
The startup Fakespot was launched in 2016 and specializes in the protection of online shoppers by authenticating product reviews on Amazon, Yelp, Trip Advisor, and the Apple App Store. With Fakespot, consumers don’t have to worry about purchasing products or services that have fake reviews.
Saoud Khalifah, the Founder, CEO, and CTO of Fakespot explains the purpose of their startup saying: “Online reviews play a critical role in e-commerce by giving products and services a seal of approval from other consumers. Gaming the review systems of e-commerce platforms have become a prevalent practice for both known and unknown companies.”
He adds that a lot of online shoppers can be misled by a high-quality item on a reputable e-commerce site, this is where Fakespot comes into place. The startup is dedicated to protecting consumers from online deceptions and fake reviews.
Rob Gross, COO of Fakespot added, “Fakespot’s mission is to make the internet more trustworthy, starting with consumer reviews. Our platform produces authentic data that benefits both consumers and business by detecting true consumer sentiment, counterfeits, and defective products.”
“As a Kuwaiti Venture Capital firm, it is important to us that we back not only technology companies in the MENA region but MENA founders who have the opportunity and ability to create a product of value with immediate international relevance,” says Abdulaziz B. Al Loughani, the Managing Partner of Faith Capital. “We look forward to aiding Fakespot in their efforts to build an international service.”
Fakespot’s B2C services are available for free at Fakespot.com, via iOS and Android Apps.