11/26/13

Itembase enters U.S. market with a social shopping service

It received $3.25 million from venture capitalists to grow in the U.S.

Paul Demery , Managing Editor, B2B E-commerce

Berlin-based itembase provides an online shopping service that lets consumers organize their online purchases with product images that link back to the retailer, check warranty status, and view updated resale values of their products in case they want to re-sell them to friends or through an e-marketplace. The company, which says it works with more than 7,000 online sellers in Europe, recently opened a San Francisco office and received $3.25 million in venture capital to build a presence among online sellers and consumers in the United States.

CEO and founder Stefan Jorgensen says itembase is tracking “roughly $1.5 billion in gross merchandise value” and has the technology to scale up to higher volume.

The company, which launched in November 2011, lists more than 40 e-commerce sites on its web site as clients, including reBuy.de, No. 249 in the Internet Retailer Europe 500.

ReBuy.de lets online consumers buy and sell mobile phones, tablet computers and other consumer electronics products. ReBuy.de, also based in Berlin, did not immediately return a request for comment. Other European clients are located in Germany, the United Kingdom, Italy and Spain, and include Germany-based World-of-Football.de, KonBon-Computershop.de and TomsBikeCorner.de.

Itembase provides a shopping plug-in to online retailers, which lets shoppers on an e-commerce site click to record an online purchase with itembase. Alternatively, consumers can use an @itembase.com address as their e-mail at any e-commerce site to automatically save their purchases, or they can manually forward invoices to this e-mail address to save their purchases at their account on itembase.

An itembase spokesman says it is still operating in a “pre-revenue” mode and has yet to say how it will eventually make money.

Itembase says it will also provide links from a consumer’s itembase page to eBay for re-selling merchandise on eBay.com. EBay did not immediately return a call for comment.

Jorgensen, itembase’s founder and CEO, is an entrepreneur who has been involved in the founding of other e-commerce companies, including social commerce technology developer meeeeet.com. Other officers of itembase include chief product manager Moritz Fichtner, a former product manager at Audible, a company owned by Amazon.com Inc. that sells audio books; and chief financial officer Niels Boon, former head of strategic finance at Zalando GmbH, a Berlin-based online apparel retailer. Amazon is No. 1 in the Internet Retailer Top 500; Zalando is associated with Tengelmann Group, No. 8 in the Europe 500.

Itembase’s funding comes from Germany-based Rheingau Founders, the primary investor, along with German Startups Group, Westtech Ventures and HR Alpha.

Topics:

eBay.com, Europe, Europe 500, itembase, KonBon-Computershop.de, ReBuy.de, Stefan Jorgensen, TomsBikeCorner.de, World-of-Football.de

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