SheerID, a digital verification platform provider, has closed a $18m Series B round to fund its move into new market segments, including financial services.
Centana Growth Partners led the round, which takes SheerID’s total funding to more-than $32m. Voyager Capital led its previous financing in 2015 and participated in this round, along with Arnold Venture Group.
Founded in 2011, SheerID claims to instantly verify credentials of individuals or businesses using authoritative data sources. Through the platform, enterprises can deliver exclusive offers and experiences to high value segments such as the military, students and teachers, while mitigating discount fraud and reducing friction in the user experience according to the company.
Centana invests in financial services, financial technology, and related enterprise software companies. The investment firm’s focus on financial services will help SheerID continue to penetrate additional market segments.
Jake Weatherly, CEO of SheerID. “Our solution specifically addresses the challenges many enterprises face when establishing trust with their customers, and this funding will accelerate both the capabilities of our platform, as well as support the growth of our incredible team to continue addressing our clients’ needs. We appreciate the support from all of our investors and board members who share our vision of redefining how enterprises create trust in a changing, highly digitalized world.”
The investment will continue to fuel product innovation and accelerate market adoption across all digital commerce categories according the company. it also plans to grow its team in various areas of the business including marketing, sales, engineering, and others.
By the end of 2017, the company was experiencing 112% year over year growth. SheerID also recently added Lowe’s, Target, Microsoft, Adobe, Sprint, and TOMS to their client list, joining other Fortune 500 companies including Spotify, Foot Locker, Costco, and Amazon.
Last year, Centana closed its oversubscribed first fund at $250m. To date, its portfolio includes Blueprint Systems, Quantitative Brokers, One and Vena Solutions. In 2016, the firm backed digital identity management and authentication company Jumio. The company utilises computer vision technology to verify credentials issued by over 200 countries in real time web or mobile transactions in order to help businesses reduce fraud and increase revenue while providing a fast, seamless customer experience.
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