Digital security startup Socure raises funding from Accel, T Rowe at $4.5 bln valuation

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Nov 9 (Businesshala) – Soccer said on Tuesday that it has replaced Axel and T. Rowe Price has raised $450 million in fresh capital from investors, valued at $4.5 billion by digital identity verification startup.

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Other venture investors including Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners and Sorenson Ventures also participated in the latest round.

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The latest funding makes Soccer one of the most valuable ventures in the digital verification sector, whose growth has surged during the pandemic as companies around the world begin remote work operations for employees.

In September, ForgeRock Inc., one of Socure’s competitors, took advantage of the digital security boom and went public, while ID management firm Okta Inc. earlier this year signed a $6.5 billion deal to accelerate growth due to high demand. Bought smaller rival Auth0.

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

“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 founder and CEO 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. (Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)

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