Market Insights

Platform and Product Expansion: Weekly Dealbook for 6/10/2021

06/10/21

Victor Appelqvist

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Investors in this week’s DealBook are fundraising for platform and product expansion. Most notably, Trulioo raised $394 million of Series D to increase its piece of  a sizable global identity verification market pie. Additionally, Socure raised an undisclosed amount of strategic investment to support the company’s rapid expansion across many consumer-facing verticals, including online gaming, healthcare, telco, e-commerce, and on-demand services. Lastly, Aura announced a $150 million Series E using the funds to enhance its customer experience, grow the user base of the new Aura product, accelerate the development of new features.  

Sinch AB (STO: SINCH) has agreed to acquire MessageMedia Inc for a total enterprise value of $1.3 billion. MessageMedia is a mobile messaging application software designed for businesses to better connect with customers, which will allow Sinch to expand its reach among small and medium-sized enterprises.

OWI Focus

Top Deals This Week

Trulioo
trulioo.com
2011

Trulioo is a developer of an electronic identity verification platform designed for businesses to assess the risks associated with digital identities. The company's platform combines the traditional off-line community-based method of confirming identity along with the infrastructure of social networking websites to verify a user's identity in an online environment, enabling businesses to comply with cross-border anti-money laundering and know your customer rules.

 

Trulioo raised $394 million of Series D venture funding in a deal led by TCV on June 7, 2021, putting the company's pre-money valuation at $1.36 billion. American Express Ventures, Citi Ventures, Mouro Capital, Blue Cloud Ventures, Blumberg Capital, and other undisclosed investors also participated in the round. The funds will be used by the company to increase its piece of a sizable global identity verification market that has seen an acceleration in digital transformation amid COVID-19.

Socure
socure.com
2012

Socure is a developer of a digital identity authentication technology and platform built to mitigate identity fraud risks for financial institutions. The company's predictive analytics platform leverages artificial intelligence and machine-learning techniques with trusted online and offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time, enabling organizations to reduce fraud rates, increase acceptance rates as well as lower compliance and manual review costs.

 

Socure raised an undisclosed amount of strategic investment venture funding from Capital One Ventures on June 3, 2021. Previously, The company raised $100 million of Series D venture funding in a deal led by Accel on March 16, 2021, putting the company's pre-money valuation at $1.2 billion. 10 other investors also participated in the round. The funds will be used to support the company's rapid expansion across consumer-facing verticals including online gaming, healthcare, telco, e-commerce, and on-demand services, and also accelerate product innovation as the company continues to attract top talent.

Aura
aura.com
2017

Aura is a provider of a digital security platform intended to make security simple for everyone. The company's offerings include managing and protect against the risks associated with personal information through adaptive technology, enabling users to manage their cybersecurity needs with ease and maximum effectiveness.

 

Aura announced a $150 million Series E funding round led by Warburg Pincus, a leading global growth equity firm. Chandler Reedy, Managing Director and Head of Strategic Investments, Warburg Pincus, and Brian Chang, Managing Director, Warburg Pincus, will join the Aura board of directors. Aura has raised a total of approximately $450 million to date from investors including Accel, General Catalyst, and WndrCo, in addition to Warburg Pincus.

Spotlight

Investor Highlights

American Express Ventures
amexventures.com
2011

Founded in 2011, American Express Ventures is a corporate venture arm of American Express based in Palo Alto, California. The firm seeks to invests in business services, consumer services, commerce, payments, fraud prevention, data analytics and security sectors.

 

Active Portfolio - 48

Investments (TTM) - 18

Med. Round Amount - $29.10M

Med. Valuation - $203.09M

# of Exits - 24.

Trulioo

BioCatch

Datagrail

Mirato

SPOTLIGHT
Public Highlights
Sinch
sinch.com
2008

Sinch AB provides cloud communication services and solutions to enterprises and mobile operators. The Sinch organization is divided into three segments: Messaging, Voice and Video, and Operators. Messaging and Voice and Video address the enterprise market and combine programmable APIs and cloud services to quickly build global communications, including messaging and voice and video services into applications and business processes. Sinch's Operators segment addresses mobile telephone operators with innovative, stable, and scalable products for mobile messaging, real-time business systems, and communications firewalls. 

 

Sinch AB, which is based in Stockholm (STO: SINCH), has agreed to acquire MessageMedia Inc. for a total enterprise value of $1.3 billion. MessageMedia is a mobile messaging application software designed for businesses to better connect with customers– in a deal it says will expand its reach among small and medium-sized enterprises. In addition, Sinch raised $1.1B, SoftBank and Temasek participating on May 25th, 2021.

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