HTGF et al. back Itembase with $3.25m

The venture capital firms were joined by new investors Westtech Ventures and HR Alpha, as well as a consortium of business angels.

The fresh capital will be used to boost the young company's US expansion, improve its online platform and develop its sales strategy.

HTGF originally invested in Itembase in March this year.

Company
Itembase is a consumer-focused software-as-a-service platform offering users inventory services for their purchasing activity. Itembase automatically extracts the receipts of users' purchases and organises the items into categories. Itembase then keeps track of the purchased items and offers after-sale services, such as updates on warranties or how much cash the item is still worth in the case of resale.

Itembase has integrated more than 7,000 online retailers to its platform so far. The company reported an estimated gross merchandise value of $1.5bn.

The firm has offices in Berlin and San Francisco and was founded in 2011 with the support of German incubator Rheingau.

People
Itembase's CEO Stefan Jørgensen and CTO Ramo Karahasan jointly founded the German start-up. Former Skype investor Morten Lund will join Itembase as new chairman. Curtis MacDonald is HTGF's investment manager and Itembase's new board member.

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• Topics
• DACH
• Expansion
• Consumer
• Germany
• High-Tech Gründerfonds