Market Insights

Verify, Optimize, Privatize: Friday Dealbook for 5/22/2020

The weather isn’t the only thing that’s heating up. This week’s featured deals encompass a wide spectrum of digital identity processes: Truework raised $30 million for verification, Contentsquare won $190 million for analytics, and Evervault scored $19 million for privacy. Other notable deals include a $20 million round for Confluera’s cybersecurity solution and a $1 million round (from the general public!) for TrustStamp’s privacy preservation technology.

A busy week across multiple verticals indicates a continually growing appetite for digital identity services. This summer should be an exciting one for identity funding!

The Top Deals Covered by OWI this Week

Truework / truework.com / Founded in 2017

Provider of verified identity platform intended to give consumers control over their personal and professional information. The company’s platform integrates with human resources, payroll systems, lending, and housing markets to automatically process employment and income requests, enabling clients to approve or deny any request for their information while also allowing those requesting the information easier access to it when approval is granted.

The company raised $30 million of Series B venture funding in a deal led by Activant Capital on May 20, 2020. Khosla Ventures, Sequoia Capital, Jeff Weiner, Tom Gonser, William Hockey, and Daniel Yanisse also participated in the round. The funds will be used to accelerate the company’s mission of giving consumers control over their personal and professional data.

Contentsquare / contentsquare.com / Founded in 2012

Developer of a digital experience insights optimization platform designed to help businesses understand how users are interacting. The company’s platform uses behavioral data, artificial intelligence, and big data to provide automatic recommendations,  measure content performance, understand visitor intentions, and explain consumer decisions when they do or do not purchase, enabling businesses to increase engagement, reduce operational costs, and maximize conversion rates.

The company raised EUR 174 million of Series D venture funding in the form of equity and debt in a deal led by BlackRock Private Equity Partners on May 19, 2020. Kohlberg Kravis Roberts, Eurazeo, Highland Europe, Sapiance Capital, Canaan Partners, Bpifrance, Hermes GPE, and Holding14 also participated in the round. The funds will be used to continue to invest in innovation, including AI-based and predictive analytics, and expand its business across the Americas, Europe, Asia, and the Middle East.

Evervault / evervault.com / Founded in 2018

Developer of internet infrastructure intended to make data privacy simple and accessible for all. The company provides simple developer tools to deploy applications in hardware-hardened containers, enabling clients to focus on building products and not security.

The company raised $19 million of venture funding on May 18, 2020. MS&AD Ventures, CapHorn Invest, SEEDs Capital, and CerraCap Ventures also participated in the round. Index Ventures led the round, which includes previous investors Sequoia Capital, Kleiner Perkins, and Frontline Ventures. In addition, the fundraising attracted money from a string of notable angel investors, such as Eventbrite co-founder Kevin Hartz and former Facebook chief security officer Alex Stamos. The funding will be used to continue to develop its technology, which is not currently publicly available. The company also intends to take on additional staff.

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Investor Highlight

Highland Europe / highlandeurope.com / Founded in 1988

Founded in 2012, Highland Europe is a venture capital firm based in London, United Kingdom, with an additional office in Geneva, Switzerland. The firm seeks to invest in the internet, mobile, information technology, and software sectors.

Active Portfolio – 34

Investments (TTM) – 8

Med. Round Amount – $28.90M 

Med. Valuation – $107.36M

Exits – 8

Deal History

In the past year, Highland Europe has invested in the following 4 identity companies:

Adjust

ContentSquare

Featurespace

Modulr

*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts