Market Insights

Funding Evrythng: Friday Dealbook

10/8/2020

Alice Zhou

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Acquisitions galore this week! Ping Identity finalized its long-awaited merger of ShoCard, while NEC entered into talks for an acquisition of Avaloq (for $2.2 billion!). Meanwhile, Evrythng raised $12.9 million for its Identity of Things service. All in all, strong week for identity verification —  companies are looking farther beyond compliance requirements for verification into consumer-facing solutions for personal identity and product identity. We anticipate that investment and product development in personal identity will burgeon in the upcoming years, as service providers look to capture market share in the relatively underpopulated B2C space.

OWI Focus

Top Deals This Week

ShoCard
shocard.com
2015

Provider of an identity verification system built on a public block-chain data layer designed to empower individuals, businesses and governments to establish, verify and exchange identity information. The company's identity verification system can be used through a mobile application and offers protection and verification of identity using strong public or private key encryption with multiple keys, data hashing, out-of-band communication, data matching and two-factor authentication as well as provides identity verification system for security, privacy and always-on fraud protection, enabling users to optimize security and protect their privacy.

 

The company was acquired by Ping Identity for approximately $5 million on October 7, 2020. This merger leads towards Ping’s accelerated push into the personal identity management market with the acquisition of ShoCard, which uses a blockchain-based platform to manage consumer identities.

Evrythng
evrythng.com
2011

Developer of an IoT smart products platform intended to connect consumer products to the web and manage real-time data to drive applications. The company's platform manages a digital identity for each product item by gathering and applying data from sourcing and manufacturing to the consumer to recycling or reuse, thereby enabling businesses to gain visibility across their supply chains, provide transparency and traceability and connect directly with their customers through their products.

 

The company raised $12.9 million (GBP 10 million) of venture funding in a deal led by IDC Ventures and Simon Eyers on October 6, 2020. Sway Ventures, Generation Ventures, Bloc Ventures, Fernbrook Capital Management LLC, UK Future Fund, and You & Mr Jones also participated in the round. The funding will be used by the company to accelerate its global growth, expand its product capabilities, and add to its team.

Avaloq
www.avaloq.com
1985

Developer of core banking software systems. The company's systems offer transaction processing services for financial institutions, private banks, service banks, commercial banks, investment companies, investment banks and wealth management industries, enabling the customers to achieve operational excellence with the help of the cutting-edge digital application.

 

The company is in talks to be acquired by NEC Corporation for $2.2 billion (CHF 2.05 billion) on October 5, 2020. This acquisition will provide NEC with digital finance software and domain knowledge as it enters into the field globally and strengthens its business in the digital government field. The deal is expected to be completed by April 2021.

Spotlight

Investor Highlights

Sway Ventures
swayvc.com
2008

Founded in 2008, Sway Ventures is a venture capital firm headquartered in San Francisco, California. The firm seeks to invest in early to mid-stage firms. The firm invests in firms operating in the transportation and logistics, financial services, healthcare, retail, and brand sectors.

 

Active Portfolio - 43

Investments (TTM) - 5

Med. Round Amount - $10.76M

Med. Valuation - $47.53M

# of Exits - 23

 

Evrythng

Owl.Co

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