Total amount raised
$217.5 Millions
Latest funding date
September, 2021
Location
Persona has successfully raised significant funding over multiple rounds, with notable investors such as Coatue and Index Ventures backing the company. The platform specializes in identity verification and management, offering solutions to streamline and automate verification processes for businesses.
Keep reading to explore the intricacies of Persona's fundraising journey and the investors supporting this innovative platform.
What Is Persona?
Founded in 2018 by Charles Yeh and Rick Song, Persona is headquartered in San Francisco, California. The company specializes in identity verification and management, offering a suite of automated solutions to streamline verification processes for businesses.
With a workforce of 251-500 employees, Persona provides configurable identity verification components that can be tailored for various use cases, including fraud prevention and account recovery. Their platform is designed to help businesses stay compliant with regulatory requirements while combating fraud.
Persona's solutions are adaptable, allowing businesses to create custom-tailored verification flows that meet their specific needs. This flexibility has made Persona a trusted partner for companies looking to enhance their identity verification processes.
How Much Funding Has Persona Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2018
- Lead Investors: First Round Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their identity verification platform.
- Series A
- Amount Raised: $17.5M
- Date: January 2020
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series B
- Amount Raised: $50M
- Date: May 2021
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and expand market reach.
- Series C
- Amount Raised: $150M
- Date: September 2021
- Lead Investors: Founders Fund
- Valuation at Round: $1.5B
- Motivation Behind the Round: To grow the team and build more features, driven by rapid business growth.
Total amount raised: $217.5M. Current valuation: $1.5B.
Key Investors
- Founders Fund
- Details: Founders Fund is a venture capital firm known for investing in companies with transformative potential. They have a reputation for backing innovative startups that challenge the status quo.
- Investment Focus Areas: Early-stage technology companies, transformative technology companies.
- Notable Investments: SpaceX, Palantir Technologies, Facebook.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. They have a diverse portfolio and a strong presence in both Europe and the United States.
- Investment Focus Areas: Technology-enabled companies, various stages.
- Notable Investments: Dropbox, Etsy, Robinhood.
- Coatue Management
- Details: Coatue Management is a global investment firm focused on public and private companies in the technology, media, and telecommunications sectors. They are known for their data-driven investment approach.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Snap, DoorDash, ByteDance.
- Meritech Capital Partners
- Details: Meritech Capital Partners is a growth-stage venture capital firm that invests in technology companies. They focus on companies that have demonstrated significant market traction.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: Facebook, Salesforce, Snowflake.
- BOND
- Details: BOND is a venture capital firm that focuses on investing in innovative technology companies. They aim to support companies that are poised for significant growth.
- Investment Focus Areas: Technology companies across various stages.
- Notable Investments: Spotify, Uber, Slack.
What's Next for Persona?
Persona stands at the cusp of significant growth, driven by the increasing demand for robust identity verification solutions across various sectors such as financial services, real estate, and healthcare. The company has already seen a 20-fold increase in business and a fivefold increase in its customer base over the past year, indicating a vast opportunity for further expansion. With the recent $150 million Series C funding, Persona is well-positioned to enhance its platform and grow its team to support this rapid expansion.
Future fundraising opportunities seem promising as Persona continues to scale its operations and develop new features. The company's ability to attract substantial investment from notable firms like Founders Fund and Index Ventures suggests that additional rounds of funding could be on the horizon. However, challenges such as maintaining service quality during rapid growth, navigating complex regulatory landscapes, and competing in a crowded market will require strategic planning and execution.
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