Formerly AcroCharge, Justt, a chargeback mitigation startup in Tel Aviv emerges out of stealth with $70 million funds.
The funding was raised across three tranches, including a Series B round led by Oak HC/FT and two previously unannounced rounds led by Zeev Ventures and F2 Venture Capital, respectively. The firm has also secured investment from big-name angels, including Facebook’s David Marcus, former head of Square Capital Jacqueline Reses, and DoorDash executive Gokul Rajaram.
Last year, chargeback fraud cost merchants more than $125 billion in lost revenues and accounted for 85% of all reversed transactions, says Justt.
To help tackle this, the firm automates chargeback disputes on behalf of merchants, using AI to flag incorrect claims, which typically represent at least 85% of disputes.
The company does not charge up-front fees, instead, getting paid when businesses save by defeating false chargebacks.
Ofir Tahor, CEO, Justt, says: “The chargeback system is fundamentally unjust, but many merchants view their losses as simply the cost of doing business. At Justt, we believe there’s a better way, and that eCommerce sellers need someone in their corner as they navigate this archaic system.”