The funds raised will be used to enhance tech development and strengthen Chargeflow's growth in the U.S. The company also plans to double its current 40-person team by the end of the year. Despite competition in the chargeback-fighting space, the founders believe Chargeflow is well-positioned to help businesses mitigate chargeback fraud and improve their margins.
Key takeaways:
- Chargeflow, an AI startup that fights chargeback fraud, has raised $11 million in a seed round led by OpenView Venture Partners, bringing its total funding to $14 million.
- The company was founded by Ariel and Avia Chen, who previously co-founded Babe Cosmetics. They started Chargeflow after encountering significant problems with chargebacks in their previous business.
- Chargeflow uses machine learning to generate custom dispute evidence for each chargeback and automatically submit it to the corresponding bank or credit card company, reducing the labor cost of fighting chargebacks to zero.
- The funds from the latest round will be used to enhance Chargeflow's tech development efforts, strengthen its growth trajectory in the U.S., and support its hiring efforts, with plans to double its current 40-person team by the end of the year.