I got the skinny on Trustev from the horse’s mouth last week. I met John Peavoy, Pat Phelan, Donal Cahalane and Chris Kennedy at The Next Web event in Dublin. I’d been very curious about the super stealth startup John had been working on but couldn’t talk about.
I’d seen the launch of @Trustev via the Twitter machine. The idea was intriguing, and they have a great team - that was before the reveal of Pat Phelan as founder.
I’ve seen a lot of startup pitches over the past few years. I’ve written and rewritten a lot of pitches over the past few years. I have yet to see a more compelling idea than Trustev. The pitch in a strap line – using your social profile and static data to build a social credit score which tells a vendor whether to trust you, reject you or look closer at you. Trustev are calling it your social fingerprint and its a powerful idea.
Oh yes, and as a byproduct of how they build the social fingerprint into your checkout process they’ll increase your conversion rate on customers by pre-populating information for the customer. Bottom line – higher sales, lower fraud, and lower internal costs. What’s not to love?
Online shopping is a $680 billion market. It’ll be $1 Trillion in next two years. There’s a $20 billion online shopping fraud problem and fraud is growing at twice the rate of the market as whole. Make a 1% dent in that and you’ve built a billion dollar business. And that’s only the first step. The question I’m asking myself is “Why the hell didn’t I think of this”.
At pitchify on Wednesday evening they announced they’d raised over €400K as a seed round, and expected to do a large round later in the year. Advice to investors, get thee to Cork and get thee there now. Although given the speed a which this team moves Cork Airport might be your best bet to catch them.
You can trust me on Trustev.