SheerID, an identity verification platform, has netted $64m in an equity round led by CVC Growth Partners.
This investment comes after SheerID achieved a 450% revenue growth over the past three years. With the fresh funds, SheerID is looking to expand its marketing, sales and engineering teams.
With a bigger team, the company can further the expansion of its platform to reach all geographies.
The platform verifies customers via 9,000 authoritative data sources and 1.3 billion identity attributes to provide global insights on more than 200 leading brands. Its solution is used by companies to identity different customer groups, such as teachers, students and seniors, to offer them more personalized offers.
Fraud detection is also used to ensure people are who they claim to be.
SheerID CEO Jake Weatherly said, “Our exponential growth is driven by major shifts in personalization, privacy, and performance marketing. Marketers are struggling to capture the attention of consumers who want more control over their personal data and less uninvited marketing from brands.
“Our platform allows brands to create offers that honour and recognize an entire consumer tribe, increasing trust and word-of-mouth, and decreasing customer acquisition costs.”
In conjunction with the investment, CVC Growth senior managing director Jason Glass and director Doug Behrman will join the SheerID board of directors.
Jason Glass said, “We are incredibly excited to partner with the SheerID team in their next phase of growth. As part of our long-standing efforts in fraud prevention and commerce enablement software, we identified SheerID as the industry leader in identity marketing and identity attribute verification.”
Earlier in the week, CVC Capital Partners held the $1.6bn final close for its sophomore growth fund. The vehicle is backing companies across a broad spectrum including FinTechs, healthcare, cloud computing and more.
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