[Funding alert] Dublin-based GreyScout Raises €3.5 Million in Seed Funding

This investment not only marks a significant milestone for the company but also underscores GreyScout’s pivotal role in helping brands protect their reputation and revenue in an increasingly digital and competitive landscape.

Read also - London-based Letoon Holding Secures £20M in Funding

As the holiday shopping season approaches, GreyScout’s advanced technology will be crucial in protecting consumers and brand integrity as brand owners prepare for Black Friday and beyond.

GreyScout’s focus lies in addressing the challenges posed by the surge in suspected bad actors and unverified sellers. Through reseller verification and product authentication, the platform automatically removes infringing product listings from the customers’ view.

Read also - Copenhagen-based Biotech Startup Octarine Bio Secures €4.35 Million in Funding

This not only reduces the manual efforts of e-commerce and legal teams in tracking, but also boasts an impressive 98% success rate on key customers’ enforcement and IP portals submissions.

Speaking on this investment, Principal at Act VC, Andrew O’Neill, comments: “Companies are struggling to protect their brands online as they try to maintain visibility and verification across an ever-growing number of channels. With its automated and scalable platform, GreyScout is delivering real value for its customers and has an opportunity to be the category leader in grey market protection. “We’ve known the team for some time and look forward to supporting them as they scale”.

John Killian, CEO & Founder of GreyScout, comments: “We feel incredibly fortunate and grateful for the support we have received from our extremely talented and driven team, our customers , investors, and industry peers. With this funding, our aim is to expand our product, engineering, and platform teams in direct response to the surging demand for more automated brand protection solutions. Our objective is to empower brand owners with a cost effective, scalable, and user-friendly solution that ensures full control over online activity related to their brand. ”

Donnchadh Cullinan, Manager of ICT High Potential Start-Ups with Enterprise Ireland said, “We see enormous potential in the way GreyScout contributes to ecommerce selling and brand protection and are thrilled to participate in the latest round. We are excited to be able to work with a purpose-driven company that has shown tremendous scalability and are looking forward to what’s in store for the future. Today’s funding announcement is another indication of Enterprise Ireland’s support for Irish headquartered companies in delivering innovative solutions to global markets.”

Grey market trade is a growing concern that often overlaps with the trade of fake goods. According to the OECD, it accounts for 3.3% of global annual trade, equivalent to a staggering €825 billion per year.

About GreyScout

GreyScout is a leading SaaS platform for online brand protection, dedicated to safeguarding brands against the digital threats of grey market activities and counterfeit selling. Trusted by industry leaders, GreyScout empowers brands to detect, verify, and enforce against grey market vendors and counterfeiters with unmatched precision.

Read also - Finnish-based Cleantech Startup SpinDrive Raises €3.8 Million in Series A Round Funding