Exclusive: Mesh seeds $5.7M to help catch e-commerce fraudsters
Mesh, a B2B identity startup, raised a $5.7 million seed round to increase transparency in marketplaces and e-commerce websites, CEO Diego Asenjo tells Axios exclusively.
Why it matters: Manual identification and verification processes make it difficult to catch bad and non-compliant actors.
Catch up quick: Mesh on Wednesday rolled out a multi-factor business identity tool for marketplaces, e-commerce sites, and vendor and contractor compliance.
How it works: Mesh brings together verified registration, licenses and insurance coverage information, under a single, universal API, Asenjo says.
- This enables Mesh to verify, onboard and track legitimate businesses on the company's marketplaces and e-commerce websites.
- "Companies have an easier and scalable time verifying those businesses," Asenjo says, reducing friction and delays which often result in churn.
Zoom in: Mesh also helps companies identify and catch fraud, especially when there are repeat offenders, costing them lost revenue.
- "The status quo really makes it easy for fraudsters to thrive and really hinders diligence by businesses who want to sell," Asenjo says.
- It also helps small businesses by making it easier to prove legitimacy so they don't lose access to opportunities.
By the numbers: The seed round was led by Greycroft Partners, bringing the company's total funds raised to $7 million.
What's next: The company could target a Series A raise in early 2025, Asenjo says.
- Down the line, Mesh aims to offer additional features for customers, such as the ability to notify businesses if their credentials fall out of compliance.