US-based, corporate-backed identity authentication technology developer Socure secured $450m in series E funding yesterday at a $4.5bn valuation.
Venture capital firm Accel and funds and accounts advised by asset manager T Rowe Price co-led the round, which included Bain Capital Ventures, Commerce Ventures, Scale Venture Partners, Sorenson Ventures and Tiger Global Management.
Founded in 2012, Socure has built an artificial intelligence and machine learning-equipped predictive analytics tool that helps organisations check users’ identities through online and offline data such as email addresses, phone numbers and IP addresses.
The company had received an undisclosed sum in in June 2021 from financial services provider Capital One’s corporate venturing arm, Capital One Ventures.
Financial services firms Synchrony Financial, Citi and Wells Fargo all backed a $100m series D round for Socure three months earlier that was led by Accel and which also featured Two Sigma Ventures, Commerce Ventures, Scale Venture Partners, Sorenson Capital and Flint Capital.
Citi Ventures and Wells Fargo Strategic Capital represented Citi and Wells Fargo respectively in the series D round, which valued Socure at $1.3bn and lifted its total funding to $196m.
Citi Ventures and Wells Fargo Strategic Capital had already joined financial services holding group MVB Financial in a $35m round for the company in August 2020 that was led by Sorenson Ventures and also backed by Commerce Ventures, Scale Venture Partners and Flint Capital.
Scale Venture Partners had led a $30m round for Socure in early 2019, investing together with Synchrony Financial, Commerce Ventures, Flint Capital, Sorenson Capital and Two Sigma Ventures.
Mouro Capital predecessor Santander InnoVentures, which was then part of financial services firm Santander, took part in the company’s $13.9m series B round, in 2017, which was led by Commerce Ventures and filled out by Work-Bench, Two-Sigma Ventures and Flint Capital.
Flint Capital had led a $13m series A-1 round for Socure in 2016 when it was joined by Santander InnoVentures, Flint Capital and existing investors FF Venture Capital and Two-Sigma Ventures. its earlier backers include Founder Collective.
