E-commerce natural and organic product site Abe's Market Ltd. has raised $5 million in its first financing round. Carmel Ventures led the round, and was joined by current investors Accel Partners and Index Ventures, and new investors, private equity firm Beringea, and Israeli crowd-funding platformOurCrowd.
Abe's Market was founded in 2009 by US immigrants Richard Demb and Jon Polin. The Chicago-based company has a development center in Jerusalem. The company offers a simple way for people to make contact, learn about and buy products that are leading the organic revolution in the baby, hygiene, home, fashion, and pet care sectors.
Abe's Market will use the proceeds from the financing round to boost its organic growth and strengthen its position as an authoritative company for environmentally friendly products, and to invest heavily in R&D, content, hiring, product expansion, and marketing.
Abe's Market continues to introduce innovations in online purchasing of organic products. This month, the company launched a feature where its vendors and staff and opinion-setters in organic and natural industry can express their opinions. It also launched a feature that allows customers to shop by selecting one of 220 product characteristics, such as gluten-free, paleo-diet-friendly, locally sourced, or fragrance-free.
Demb 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."
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."
Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2013
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