Total amount raised
$182.1 Millions
Latest funding date
4/1/2020
Location
Onfido has successfully raised significant capital through multiple funding rounds, attracting a diverse group of investors. The company specializes in digital identity verification, leveraging AI to streamline customer onboarding and compliance processes.
Keep reading to explore the intricacies of Onfido's fundraising journey and the investors backing this innovative platform.
What Is Onfido?
Onfido, founded in 2012, is based in London, England. The company was established by Eamon Jubbawy, Husayn Kassai, and Ruhul Amin.
Specializing in digital identity verification, Onfido leverages AI to help businesses verify their customers' identities online. Their platform includes document and biometric verification, trust data sources, and fraud detection signals.
With a workforce of 501-1000 employees, Onfido continues to innovate in the field of automated digital identity verification, making it easier for people to access services securely.
How Much Funding Has Onfido Raised?
- Series A
- Amount Raised: £3M
- Date: February 2015
- Lead Investors: Wellington Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product development.
- Series B
- Amount Raised: £10M
- Date: April 2016
- Lead Investors: Idinvest Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve AI capabilities.
- Series C
- Amount Raised: £19M
- Date: September 2017
- Lead Investors: Crane Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enter new markets.
- Series C
- Amount Raised: £28.2M
- Date: April 2019
- Lead Investors: Salesforce Ventures, SBI Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand globally.
- Series D
- Amount Raised: $100M
- Date: April 2020
- Lead Investors: TPG Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop machine learning technology and expand into new geographies.
Onfido has raised a total of $200M. The current valuation is not publicly disclosed.
Key Investors
- TPG Growth
- Details: TPG Growth is a global private equity firm that focuses on growth capital investments. It is part of TPG, a leading global alternative asset firm.
- Investment Focus Areas: Technology, healthcare, consumer products, business services.
- Notable Investments: Airbnb, Uber, Spotify.
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. They support companies that are part of the Salesforce ecosystem.
- Investment Focus Areas: Enterprise cloud companies.
- Notable Investments: Zoom, DocuSign, Twilio.
- Idinvest Partners
- Details: Idinvest Partners is a European private equity firm that invests in small and medium-sized enterprises (SMEs). They focus on technology and healthcare sectors.
- Investment Focus Areas: European SMEs, technology, healthcare.
- Notable Investments: Deezer, Meero.
- Crane Venture Partners
- Details: Crane Venture Partners is a venture capital firm that invests in early-stage technology companies. They have a particular focus on enterprise software.
- Investment Focus Areas: Early-stage technology companies, enterprise software.
- Notable Investments: Not specified.
- Talis Capital
- Details: Talis Capital is a venture capital firm that invests in technology companies across various sectors. They focus on companies with strong growth potential.
- Investment Focus Areas: Technology companies.
- Notable Investments: Darktrace, iwoca.
What's Next for Onfido?
Onfido stands at the cusp of significant opportunities, driven by the increasing digitalization of services and the growing need for robust identity verification solutions. With a recent $100 million funding round, the company is well-positioned to expand into new geographies, enhance its machine learning technology, and consolidate its existing markets. The potential for growth is substantial, as Onfido aims to create a new identity standard that allows seamless access to digital services using real identities.
Future fundraising opportunities seem promising, given the company's rapid growth and ambitious expansion plans. Onfido's partnerships with major investors like Salesforce Ventures and Microsoft’s Venture Fund could pave the way for additional investment rounds to support technological advancements and market reach. However, the company may face challenges such as navigating regulatory requirements, ensuring data security, and staying ahead of competitors in the fast-evolving identity verification landscape.
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