Digital ID verification startup Socure valued at $4.5 billion in latest funding

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(Businesshala) – SoCure said on Tuesday that it has agreed to join Accel and T. Roe Price, making it one of the most valuable ventures in the digital verification space at $4.5 billion amid a boom in the online security sector.

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Soccer’s growth has surged during the pandemic as organizations around the world have introduced remote work operations for employees.

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Other companies in the identity management space have gone public, including ForgeRock Inc., while Okta Inc. earlier this year bought smaller rival Auth0 in a $6.5 billion deal to accelerate growth as demand boomed.

The latest funding for Soccer comes months after it reportedly raised money at a valuation of $1.3 billion.

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“We did a $100 million round to start the year. In combination with this financing, we get a lot of dry powder to invest in product development and bring in talent,” said Chief Executive Officer Johnny Ayers.

New York-based Secure, whose clients include sports-betting company DraftKings Inc. and fintech giant Chime, said last month its new customers more than tripled in the third quarter.

Two new investors Bain Capital Ventures and Tiger Global, and existing investors Commerce Ventures, Scale Venture Partners and Sorenson Ventures also participated in the latest round.

Some of Soccer’s clients such as Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures and MVB Bank have also invested in the company.

Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni and Vinay Dwivedi

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