ERated, an online seller profiling company, announced Tuesday (Jan. 19) that it closed a $1.7 million seed round.
The company provides online marketplace users with a profiling solution, which it plans to accelerate with its new capital to establish a more “unified, holistic user profile comprised of validated Web data from hundreds of siloed repositories,” eRated said in a statement.
“The funding will enable us to deepen our holistic, smart analytics approach to understanding sellers’ Web-wide profiles. Our marketplace partners are unlocking increased sales from day one,” eRated Cofounder and CEO Boaz Cohen explained in a press release. “They are excited by eRated’s ability to understand a customer’s full profile and convert those scattered facts into improved seller’s lifetime value and sales.”
Being eRated-certified provides sellers with an established selling history, ratings and credentials for each platform on which they transact and enables them to be sees as a more trusted source to customers.
According to eRated, customers and marketplaces are typically blind to a seller’s history across other eCommerce sites, despite the fact that nearly 90 percent of sellers are active on multiple platforms.
“ERated’s solution enables marketplaces and classifieds to leverage existing Web profiles, building their online businesses faster and more profitably,” the press release continued. “To date, eRated profile[s] more online sellers by evaluating Web-wide parameters, like their sales performance, customer satisfaction (reviews and ratings) and their social graph.”
ERated said its solutions work to bring efficiency to the onboarding process of new sellers and allows marketplaces to verify its sellers by cutting out the inefficiencies. The company said that across the 17 online marketplaces it has helped, sellers have increased their sales by an average of 56 percent per profile.
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