Abe’s Market Ltd, a natural and organic product e-commerce site has raised $5 Million in the first round of funding, led by Carmel ventures and existing investors Accel Partners and Index Partners.The new investors included private equity firm Beringea, and Israeli crowd-funding platform, OurCloud, reports website Globes.
The Chicago based startup was founded in 2009 by Richard Demb and Jon Polin. With a development center in Jerusalem, the company’s website offers a simple way for people to browse through leading organic products in various fields like baby, hygiene, home, fashion, and pet care sectors.
The company will use these proceeds to boost organic growth and carve out a niche; for itself as a reliable company, for eco-friendly products and to invest in various sectors like R&D, hiring, content, production expansion and marketing. The innovations in their products continue as the vendors, staff and customers get an opportunity to voice out their opinion about the products. The characteristics of the product maybe unique such as diet friendly, fragrance free.
Carmel Ventures general partner Avi Zeevi said, "We are pleased to lead the financing round in the company and to support turning Abe's Market into the leader in a rapidly growing multibillion dollar market. Buying products on Abe's Market is an enjoyable, user-friendly, and unique process, and we believe that these advantages will turn Abe's Market into the preferred website for buyers of natural and organic products.” reports Globe.
Demb, CEO said, "We're riding two huge waves. One is the fact that people care a lot more about the quality of what they buy today, and the second is that people are buying more and more online."