VETTED RAISES $14M TO ENSURE CONSUMERS BUY THE BEST PRODUCTS AT THE BEST PRICES
SAN FRANCISCO, Aug. 2, 2022 /PRNewswire/ -- Vetted (formerly Lustre) announced today the launch of its AI-powered product search engine, alongside a $14 million Series A investment round led by global software investor Insight Partners. The round included participation from existing investors Index Ventures, Bling Capital, and Golden Ventures, as well as angels including Shiva Rajaraman, the former VP of Commerce at Meta.
Vetted enables shoppers to effortlessly discover the brands and products most recommended for their needs – based on reviews from trusted sources on platforms such as Reddit, YouTube, and other reputable expert sites.
"We spend over $100 billion shopping online, yet getting the best value has become an overwhelming and frankly anti-consumer experience," said Stuart Kearney, Co-founder of Vetted. "Shoppers shouldn't have to spend hours sifting through indistinguishable products littered across thousands of ad-infested sites loaded with fake reviews and unreliable information. That's why we're building Vetted. Our users get a smart guide aligned with their best interests, transforming e-commerce into the simple and trustworthy experience everyone wants – especially today, when every dollar counts."
Powering Vetted is cutting-edge machine learning that replicates a savvy shopper's research process. It automatically vets trustworthy product data and analyzes everything from price history, ideal use cases, and reviewer consensus – just like a careful shopper would – to rank the best products according to their relevance. Vetted's search results even show users why a given product was selected, making it easy for consumers to purchase with confidence. Vetted is also available as a browser extension, enabling shoppers to take its research engine with them wherever and whenever they shop.
"Over 330,000 shoppers already trust Vetted, with users buying our recommendation in a given category 70 percent of the time," said Hanna Jung, VP of Marketing of Vetted. "They're also asking for help beyond our initial focus on consumer electronics. With this additional funding, we're excited to dramatically expand our product and retailer coverage to further empower shoppers across all their shopping needs."
"We are thrilled to support Stuart and the Vetted team on their mission to provide a shopping experience where consumers find the products best suited to their needs with minimal effort and maximum confidence," said Thilo Semmelbauer, Managing Director at Insight Partners. "The opportunities for disruption in e-commerce are endless, and Vetted is well positioned to be a dominant player."
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Vetted (formerly Lustre) is an award-winning product search engine on a mission to transform shopping into the most simple and trustworthy experience possible. For more information, visit https://vetted.ai/ or follow us on Twitter @vetted_ai.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.