Total amount raised
$1.8 Billion
Latest funding date
6/1/2021
Location
Trulioo has successfully raised funding over 9 rounds, with the latest being a Series D. The company is backed by notable investors including Goldman Sachs, Blumberg Capital, and Technology Crossover Ventures (TCV).
Keep reading to explore the intricacies of Trulioo's fundraising journey and the investors backing this innovative platform.
What Is Trulioo?
Trulioo, based in Vancouver, British Columbia, Canada, is a prominent player in the online identity verification industry. The company operates a digital identity network that adheres to stringent security and privacy standards. Trulioo serves various sectors, including Big Data, Compliance, Finance, Identity Management, Information Technology, Security, and Software.
Founded with a mission to provide global online identity verification services, Trulioo supports KYC (Know Your Customer), KYB (Know Your Business), and AML (Anti-Money Laundering) compliance. The company employs between 251-500 people and integrates with over 450 data sources across 195 countries, ensuring comprehensive and reliable verification services.
How Much Funding Has Trulioo Raised?
- Series D
- Amount Raised: USD 394,000,000
- Date: June 2021
- Lead Investors: TCV
- Valuation at Round: USD 1.75 billion
- Motivation Behind the Round: To accelerate Trulioo's goal of becoming an end-to-end identity platform, focusing on product innovation, AI/ML capabilities, and global market expansion.
- Series C
- Amount Raised: USD 52,000,000
- Date: September 2019
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion, including new product development and market penetration.
- Series B
- Amount Raised: USD 7,700,000
- Date: July 2018
- Lead Investors: BDC Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's technology and expand its global reach.
- Series B
- Amount Raised: USD 11,500,000
- Date: December 2015
- Lead Investors: BDC Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve service offerings.
- Convertible Note
- Amount Raised: USD 1,000,000
- Date: August 2014
- Lead Investors: UST
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional working capital for operational needs.
- Series A
- Amount Raised: USD 6,000,000
- Date: March 2014
- Lead Investors: Tenfore Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch new products and services.
- Series Unknown
- 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 development.
- Seed
- Amount Raised: USD 2,000,000
- Date: May 2012
- Lead Investors: Blumberg Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund initial product development and market entry.
- Angel
- Amount Raised: USD 300,000
- Date: January 2011
- Lead Investors: Stephen Ufford
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its core technology.
Total Amount Raised: USD 474,500,000. Current Valuation: USD 1.75 billion.
Key Investors
- TCV
- Details: TCV is one of the world's largest growth equity firms, known for investing in high-growth companies. Representatives Jake Reynolds and Amol Helekar will join Trulioo's Board of Directors.
- Investment Focus Areas: Digital transformation, internet, software, FinTech, enterprise IT.
- Notable Investments: Airbnb, Facebook, Netflix, Spotify, Klarna.
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. It has a strong presence in the financial services industry.
- Investment Focus Areas: Financial services, technology, healthcare, consumer/retail.
- Notable Investments: Uber, Spotify, WeWork.
- BDC Venture Capital
- Details: BDC Venture Capital is the investment arm of the Business Development Bank of Canada. It focuses on supporting Canadian entrepreneurs.
- Investment Focus Areas: Technology, healthcare, industrial/clean technology.
- Notable Investments: Hopper, Lightspeed, Bench.
- Blumberg Capital
- Details: Blumberg Capital is an early-stage venture capital firm that invests in technology companies. It has a global investment footprint.
- Investment Focus Areas: Enterprise software, cybersecurity, fintech, digital health.
- Notable Investments: Nutanix, Addepar, Braze, DoubleVerify.
- American Express Ventures
- Details: The venture capital arm of American Express, focusing on strategic investments that align with its business interests. It supports innovative startups.
- 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 opportunities, driven by the accelerating digital transformation and the growing demand for reliable identity verification. The company is poised to expand into new verticals and geographical markets, leveraging AI/ML capabilities to enhance its product offerings. With the U.S. digital identity market projected to exceed $30 billion by 2023, the potential for growth is substantial.
Future fundraising opportunities appear promising as Trulioo continues to innovate and expand its global reach. The recent Series D funding round, led by TCV, underscores investor confidence in the company's vision to become an end-to-end identity platform. Strategic partnerships and potential acquisitions could further bolster Trulioo's market position.
However, Trulioo may face challenges such as managing rapid growth, navigating regulatory requirements, and staying ahead of competitors. Ensuring data privacy and integrating fragmented data silos will be crucial as the company scales. Despite these hurdles, Trulioo's strategic focus and robust market demand position it well for continued success.
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