How Much Did Verifiable Raise? Funding & Key Investors

Verifiable has successfully raised $27 million over at least two funding rounds, with the latest being a Series B round. The platform specializes in real-time credential verification, offering solutions for verifying licenses, sanctions, and other critical records.

Keep reading to explore the intricacies of Verifiable's fundraising journey and the investors backing this innovative platform.

What Is Verifiable?

Verifiable, founded in 2020 by Nicholas Macario and Vivekanand Rajkumar, is based in Austin, Texas. The company operates in the healthcare technology industry, specializing in real-time credential verification and provider network monitoring.

With an employee count ranging from 101 to 250, Verifiable offers solutions that streamline license authentication, automate compliance, and reduce risk. Their platform connects with state and federal databases, providing users with access to hundreds of primary sources in one location.

How Much Funding Has Verifiable Raised?

1. Pre-Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: August 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish the initial foundation and develop the core technology for real-time credential verification.
2. Seed Round
   • Amount Raised: $3M
   • Date: October 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To accelerate product development and expand the team to meet early market demand.
3. Series A
   • Amount Raised: $17M
   • Date: August 2021
   • Lead Investors: Jack Altman, Sam Altman
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and enhance the platform's capabilities to support a growing customer base.
4. Series B
   • Amount Raised: $27M
   • Date: July 2023
   • Lead Investors: Craft Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand into new subsegments, scale go-to-market teams, and enhance provider credentialing and compliance solutions.

Total Amount Raised: $47M. Current Valuation: Not publicly disclosed.

Key Investors

• Craft Ventures
  • Details: Craft Ventures is a venture capital firm co-founded by David Sacks, Bill Lee, Jeff Fluhr, and Sky Dayton. They focus on early-stage and growth-stage technology companies.
  • Investment Focus Areas: SaaS, marketplaces, e-commerce.
  • Notable Investments: Airbnb, Slack, SpaceX.
• Highland Capital Partners
  • Details: Highland Capital Partners is a global venture capital firm. They invest in consumer and enterprise technology companies.
  • Investment Focus Areas: Consumer technology, enterprise technology, healthcare.
  • Notable Investments: 2U, Rent the Runway, Malwarebytes.
• 137 Ventures
  • Details: 137 Ventures is a growth-stage venture firm. They focus on technology companies with significant growth potential.
  • Investment Focus Areas: Technology, innovation.
  • Notable Investments: SpaceX, Wish, Airbnb.
• Cooley
  • Details: Cooley is a law firm that also provides venture capital services. They focus on legal services for technology and life sciences companies.
  • Investment Focus Areas: Technology, life sciences.
  • Notable Investments: Facebook, Google, LinkedIn.
• The Altman Fund
  • Details: The Altman Fund is a venture capital fund led by Jack Altman, CEO of Lattice. They focus on early-stage technology startups.
  • Investment Focus Areas: HR technology, SaaS.
  • Notable Investments: Lattice.

What's Next for Verifiable?

Verifiable is poised to capitalize on the growing demand for efficient credentialing solutions in the healthcare industry. With the recent $27 million Series B funding, the company plans to scale its go-to-market teams and expand its verification infrastructure. This expansion is expected to significantly reduce administrative costs and improve provider experiences, presenting a substantial opportunity for growth.

Future fundraising opportunities seem promising, given the company's rapid growth and strong market position. The involvement of prominent investors like Craft Ventures and Highland Capital Partners suggests that Verifiable could attract further investment to support its expansion. However, the company may face challenges such as maintaining rapid growth without excessive financial burn and staying ahead of competitors in a highly regulated industry.

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