Jumio, a US-based digital authentication platform backed by financial services firm Citi, has raised $15m from private equity firm Centana Growth Partners and growth capital firm Millennium Technology Value Partners.
Founded in 2009, Jumio operates an online identity management and credentials platform. It will use the funding to boost its sales and marketing activities, accelerate product development, drive international expansion and recruit staff across its offices in the US, the UK and Austria.
Jumio filed for bankruptcy in March 2016 following investigations into financial irregularities and share sales by Jumio’s former management team which led to it struggling to raise capital.
The company was acquired by Centana for $850,000 in May 2016 despite a larger offer of $22.6m by a vehicle owned by shareholder Eduardo Saverin, co-founder of social media network Facebook.
Jumio had secured more than $35m before its bankruptcy. Citi’s corporate venturing division Citi Ventures invested $3.3m in 2012 as part of a strategic partnership deal, while venture capital firm Andreessen Horowitz led a $25.5m series B round the same year.