Total amount raised
$1.8 Billion
Latest funding date
June, 2021
Location
Trulioo has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The company offers a comprehensive suite of identity verification services, including KYC, KYB, and AML capabilities.
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 headquartered in Vancouver, British Columbia, Canada. The company specializes in global online identity verification services, offering solutions for KYC, KYB, and AML compliance.
Trulioo's digital identity network provides instant online identity, document, and business verification services. Their products include Global Identity Verification, Business Verification, Watchlist Screening, Workflow Studio, API Direct, and On-Device SDK.
With a team of 251-500 employees, Trulioo leverages over 450 data sources and covers 14,000+ document types to help organizations meet regulatory requirements and expand their global reach.
How Much Funding Has Trulioo Raised?
- Angel Round
- Amount Raised: CA$300K
- Date: January 2011
- Lead Investors: Stephen Ufford
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to kickstart the company.
- Seed Round
- Amount Raised: $2M
- Date: May 2012
- Lead Investors: Blumberg Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and expand the team.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and market entry.
- Series A
- Amount Raised: $6M
- Date: March 2014
- Lead Investors: Tenfore Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Convertible Note
- Amount Raised: $1M
- Date: August 2014
- Lead Investors: UST
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for expansion.
- Series B
- Amount Raised: CA$15M
- Date: December 2015
- Lead Investors: BDC Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enter new markets.
- Series B
- Amount Raised: CA$10M
- Date: July 2018
- Lead Investors: BDC Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand product capabilities and market reach.
- Series C
- Amount Raised: CA$70M
- Date: September 2019
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale globally and enhance technological infrastructure.
- Series D
- Amount Raised: $394M
- Date: June 2021
- Lead Investors: TCV
- Valuation at Round: $1.75 billion
- Motivation Behind the Round: To become an end-to-end identity platform and expand globally.
Total Amount Raised: $413.3M USD
Current Valuation: $1.75 billion
Key Investors
- TCV
- Details: TCV is a prominent growth equity firm founded in 1995, specializing in high-growth technology companies. They have invested over $14 billion to date and have offices in Menlo Park, New York, and London.
- Investment Focus Areas: High-growth technology companies, digital marketplaces, financial services firms.
- Notable Investments: Airbnb, Facebook, Netflix.
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. They provide a wide range of financial services to a substantial and diversified client base.
- Investment Focus Areas: Investment banking, securities, investment management, financial services.
- Notable Investments: Uber, Facebook, Spotify.
- Blumberg Capital
- Details: Blumberg Capital is an early-stage venture capital firm that focuses on technology companies. They invest in companies that have the potential to disrupt traditional industries.
- Investment Focus Areas: Early-stage technology companies, fintech, AI, cybersecurity.
- Notable Investments: Nutanix, Hootsuite, DoubleVerify.
- Citi Ventures
- Details: Citi Ventures is the venture capital arm of Citigroup, focusing on high-growth companies. They invest in companies that align with Citi's strategic priorities.
- Investment Focus Areas: Fintech, data analytics, enterprise IT, consumer technologies.
- Notable Investments: Plaid, Betterment, Square.
- American Express Ventures
- Details: American Express Ventures is the venture capital arm of American Express. They focus on early and growth-stage companies that enhance the digital experience for customers and merchants.
- Investment Focus Areas: Fintech, consumer commerce, B2B services.
- Notable Investments: Stripe, Bill.com, Instacart.
What's Next for Trulioo?
Trulioo stands at the cusp of significant growth opportunities, driven by the increasing demand for digital identity verification. The company is poised to expand into new verticals and geographic locations, leveraging AI and machine learning to enhance its product offerings. With the U.S. digital identity market projected to exceed $30 billion by 2023, Trulioo's potential for growth is substantial.
Future fundraising opportunities appear promising, given the recent $394 million Series D round led by TCV. This influx of capital will support Trulioo's goal of becoming an end-to-end identity platform, paving the way for additional investment rounds to further expand and innovate. However, the company will need to navigate challenges such as competition, regulatory compliance, and data privacy concerns as it scales globally.
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