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The company gets support from Accel and Index ventures
Abe's Market--what might be called an "online farmer's market"--announced Thursday that it has secured a $3.4 million Series A round of funding led by Accel Partners, with help from existing investors Index Ventures, as well as several angels.
Launched in October 2009, the startup found its niche in the growing demand for organic and all-natural products on an e-commerce platform. The site takes the traditional farmer's market experience and makes it more convenient and personal (if you've ever gone to a farmer's market on a Saturday morning, you're likely familiar with the throngs of people that end up swallowing up a booth, making it next to impossible to actually get your produce, let alone speak with the proprietor about his/her farming techniques. There's no time!).
Abe's Market has developed an interesting platform, bringing shoppers and businesses together to get to know one another and the products. The businesses are profiled on the site, and Abe's Market offers a program called "Abe's Live," which acts as a virtual meet-and-greet for consumers and businesses.
"The genius of Abe's Market is how it treats its audience as real people who are hungry to share their stories with one another, rather than simply as anonymous, disconnected merchants and consumers," said Saul Klein, Partner at Index Ventures, in a prepared statement. "Through creative interviews, Abe's Live broadcasts and behind-the-scenes peeks, sellers on Abe's Market provide an intimate and personal introduction to themselves and their products."
Accel is also a notable heavy-hitter in the e-commerce space, with a portfolio that includes such stars as Etsy, Groupon, Kayak, Diapers.com, ModCloth and Bonobos.
Abe's Market is poised to be a rising star in the natural/organic goods market. It currently works with more than 300 small businesses and vendors, and the company has seen its orders skyrocket by 600% over the last six months. The market for organic goods now stands at $26.6 billion, up 5.3% from 2009, with non-food products up over 9%.
Abe's Market plans to use the latest round of capital to push its brand in stronger marketing campaigns.
Image source: abesmarket.com
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