Trulioo has successfully raised $487.3 million over six funding rounds, achieving a valuation of $1.8 billion. The platform offers global online identity verification, enabling instant verification of 5 billion people and 250 million businesses in over 100 countries.
Keep reading to explore the intricacies of Trulioo's fundraising journey and the investors backing this innovative platform.
What Is Trulioo?
Trulioo, founded in 2011 by Stephen Ufford and Tanis Jorge, is a Silicon Valley-funded tech company specializing in global online identity verification. The company aims to solve trust and safety issues online by enabling instant verification of identities.
Headquartered in Vancouver, Trulioo also has offices in San Diego, Austin, and Dublin. The platform allows businesses to verify the identities of 5 billion people and 250 million businesses in over 100 countries.
With a workforce of 201-500 employees, Trulioo continues to grow rapidly, offering solutions that blend KYC, KYB, and AML capabilities to help businesses meet complex regulatory requirements globally.
How Much Funding Has Trulioo Raised?
- Series D
- Amount Raised: $394,000,000
- Date: June 2021
- Lead Investors: TCV
- Valuation at Round: $1.8B
- Motivation Behind the Round: To accelerate growth, invest in product innovation, build AI/ML capabilities, and advance global strategy.
- Series C
- Amount Raised: $60,000,000
- Date: September 2019
- Lead Investors: Goldman Sachs Growth Equity
- Motivation Behind the Round: To capitalize on growth, scale operations in new markets, and increase headcount.
- Series B
- Amount Raised: $15,000,000
- Date: December 2015
- Motivation Behind the Round: To expand the team, enhance product features, and increase market penetration.
- Series A
- Amount Raised: $6,000,000
- Date: March 2014
- Lead Investors: Tenfore Holdings
- Motivation Behind the Round: To hire new executives, expand into international markets, and enhance the product.
- Seed Round
- Amount Raised: $2,000,000
- Date: November 2012
- Lead Investors: Blumberg Capital
- Motivation Behind the Round: To support the launch of their first product and hire key personnel.
- Seed Round
- Amount Raised: $300,000
- Date: October 2011
- Motivation Behind the Round: For initial product development and market validation.
Trulioo has raised a total of $477.3 million and is currently valued at $1.8 billion.
Key Investors
- TCV
- Details: TCV is a Silicon Valley-based venture capital firm known for investing in high-growth technology companies. They led Trulioo's Series D funding round.
- Investment Focus Areas: Technology, internet, software, fintech.
- Notable Investments: Airbnb, Facebook, Netflix.
- Goldman Sachs Growth Equity
- Details: Goldman Sachs Growth Equity is the investment arm of Goldman Sachs, focusing on high-growth companies. They led Trulioo's Series C funding round.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Uber, Spotify, Dropbox.
- Citi Ventures
- Details: Citi Ventures is the venture capital arm of Citigroup, investing in innovative startups. They have participated in multiple funding rounds for Trulioo.
- Investment Focus Areas: Fintech, enterprise technology, consumer technology.
- Notable Investments: Plaid, Betterment, Square.
- Blumberg Capital
- Details: Blumberg Capital is an early-stage venture capital firm that has been an investor in Trulioo since its seed round.
- Investment Focus Areas: Enterprise software, cybersecurity, fintech.
- Notable Investments: Nutanix, Addepar, Braze.
- American Express Ventures
- Details: American Express Ventures is the venture capital arm of American Express, focusing on strategic investments. They have participated in multiple funding rounds for Trulioo.
- Investment Focus Areas: Fintech, consumer commerce, B2B services.
- Notable Investments: Stripe, Bill.com, Abra.
What's Next for Trulioo?
Trulioo stands at the cusp of a significant opportunity in the global identity verification market, projected to reach $17.8 billion USD by 2026. The increasing digitization of services and the rise in online fraud have created a fertile ground for Trulioo's growth. The company aims to leverage this demand by expanding its product offerings and enhancing its AI/ML capabilities, positioning itself as an end-to-end identity platform.
Future fundraising efforts are likely to focus on supporting these ambitious growth plans. With a strong track record of attracting investment from prominent firms like TCV and Goldman Sachs Growth Equity, Trulioo is well-positioned to secure additional funding. This capital will be crucial for scaling operations, entering new markets, and continuing product innovation.
However, Trulioo faces several challenges. Navigating diverse regulatory landscapes, ensuring data security, and maintaining service quality while scaling are significant hurdles. Additionally, the fragmented nature of identity networks and competition from other providers could pose obstacles. Despite these challenges, Trulioo's strategic vision and robust investor backing suggest a promising path forward.
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