Total amount raised
$744.4 Million
Latest funding date
3/1/2023
Location
Socure has successfully raised funds through 13 rounds, with the latest being a debt financing round. The company has attracted a total of 38 investors, including notable names like Silicon Valley Bank and JP Morgan.
Socure's AI-powered identity verification platform is designed to enhance risk and trust decisions, enabling organizations to approve more trusted consumers at various touchpoints. Keep reading to explore the intricacies of Socure's fundraising journey and the investors backing this innovative platform.
What Is Socure?
Socure, based in Incline Village, Nevada, specializes in AI-powered identity verification and fraud prevention. Founded in 2012, the company leverages artificial intelligence and machine learning to enhance digital identity verification, fraud detection, and cyber security.
With a workforce of 501-1000 employees, Socure's platform, known as the Socure Stack, offers comprehensive tools for identity, fraud, AML, and trust management. The company is recognized as a market leader in identity document verification and supports identity verification in over 190 countries.
How Much Funding Has Socure Raised?
- Debt Financing
- Amount Raised: USD 2,500,000
- Date: August 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and operational needs.
- Series A
- Amount Raised: USD 2,500,000
- Date: August 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and market reach.
- Series A
- Amount Raised: USD 13,000,000
- Date: December 2016
- Lead Investors: Flint Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology.
- Series B
- Amount Raised: USD 13,900,000
- Date: July 2017
- Lead Investors: Commerce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate market penetration and product innovation.
- Series C
- Amount Raised: USD 30,000,000
- Date: February 2019
- Lead Investors: Scale Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand customer base and enhance platform capabilities.
- Series C
- Amount Raised: USD 35,000,000
- Date: August 2020
- Lead Investors: Sorenson Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI and machine learning technologies.
- Series D
- Amount Raised: USD 100,000,000
- Date: March 2021
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: June 2021
- Lead Investors: Capital One Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic growth initiatives.
- Series E
- Amount Raised: USD 450,000,000
- Date: November 2021
- Lead Investors: Accel, T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand globally.
- Debt Financing
- Amount Raised: USD 95,000,000
- Date: March 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial position and support mission to eliminate identity fraud.
Total Amount Raised: USD 741,400,000. Current Valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders to build world-class companies. They have a strong track record in the technology sector.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Facebook, Dropbox, Slack
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm dedicated to helping clients achieve long-term success. They offer a broad range of mutual funds, subadvisory services, and separate account management.
- Investment Focus Areas: Technology, healthcare, various industries
- Notable Investments: Tesla, Amazon, Google
- Silicon Valley Bank
- Details: Silicon Valley Bank provides financial services and funding to technology, life sciences, and other innovation sectors. They are known for their strong support of startups and growth-stage companies.
- Investment Focus Areas: Technology, life sciences, venture capital, private equity
- Notable Investments: Pinterest, Fitbit, Beyond Meat
- JP Morgan
- Details: JP Morgan is a leading global financial services firm offering solutions in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity.
- Investment Focus Areas: Banking, financial services, asset management, investment banking
- Notable Investments: Uber, Airbnb, Palantir
- KeyBanc Capital Markets
- Details: KeyBanc Capital Markets is an integrated investment bank that provides capital markets and advisory solutions to companies in targeted industries. They focus on sectors such as industrial, healthcare, technology, and real estate.
- Investment Focus Areas: Real estate, utilities, energy, industrial, consumer, healthcare, technology
- Notable Investments: Tesla, Amazon, Microsoft
What's Next for Socure?
Socure stands at the cusp of significant growth opportunities, driven by the increasing demand for accurate and inclusive real-time identity verification. With a robust customer base that includes major financial institutions, government agencies, and enterprises, the company is well-positioned to expand its market-leading capabilities across various sectors. The recent $95 million credit facility strengthens Socure's financial position, enabling investments in new solutions and strategic acquisitions.
Future fundraising opportunities appear promising, given Socure's strong financial backing and market leadership. The company may attract further investments to support its mission of eliminating identity fraud and verifying 100% of good identities in real-time. However, challenges such as maintaining technological innovation, navigating regulatory requirements, and managing competition will require continuous strategic efforts.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Socure and gather other critical business insights.
Sign up for free to start making data-driven decisions and stay ahead of the competition.
