Faith Capital raises $1.3m round invetsment in Kuwaiti start-up

Mubasher: Faith Capital announced it has pledged $1.3m seed round of Fakespot, a Kuwaiti-founded and New York-based artificial intelligence startup specialised in protecting online shoppers by authenticating product reviews, according to a recent statement.

Faith Capital has been exerting efforts to endorse MENA technology founders and startups in the region with multinational ambitions.

Fakespot was founded in 2016 as a platform to analyse and authenticate online product reviews on Amazon, Yelp, Trip Advisor, and the Apple App Store.

Founder, CEO, and CTO of Fakespot Saoud Khalifah Online reviews play a critical role in e-commerce by giving products and services a seal of approval from other consumers. Gaming the review systems of e-commerce platforms have become a prevalent practice for both known and unknown companies.

Managing partner of Faith Capital Abdulaziz Al Loughani, commented, As a Kuwaiti Venture Capital firm, it is important to us that we back not only technology companies in the MENA region, but MENA founders who have the opportunity and ability to create a product of value with immediate international relevance.