Market Insights

Digital Identity is on a Roll: Friday Dealbook for 9/20/2019

September 20, 2019

Trulioo knocked our socks off this week with a tremendous $52.8 million Series C round, along with Beekeeper and Acronis raising $45 million and $147 million, respectively. Trulioo’s significant funding round from institution players such as The Goldman Sachs Group, American Express Ventures, and Citi Ventures indicates extremely strong interest in the IDV space from financial institutions, perfectly reflecting predictions made during our KNOW Identity Forum this week by Ryan Cox’s , VP of Strategic Partnerships at DocuSign:

  • Digital identity systems will be built off analog backbones
  • Banks will win the digital identity race

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The Top Deals Covered by OWI this Week

 

Trulioo \ trulioo.com \ Founded in 2010

Provider of an instant electronic identity and address verification platform designed to offer secure access to traditional and alternative data sources worldwide to instantly verify consumers and businesses online. 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 (AML) and Know Your Customer (KYC) rules.

The company raised $52.8 million of Series C venture funding in a deal led by The Goldman Sachs Group on September 17, 2019. American Express Ventures, Citi Ventures, Santander InnoVentures, BDC Capital and Blumberg Capital also participated in the round. The company also revealed an additional $10 million in previously unannounced investments.

 

Beekeeper \ beekeeper.io \ Founded in 2011

Provider of a digital workplace application designed to integrate multiple operational systems and communication channels in one secure hub. The company’s application helps to communicate in real time, exchange information, share files and assign tasks instantly using group chats, or predetermined communication streams and is easily accessible from desktop and mobile devices, enabling clients to connect or build their own custom connectors, improve productivity and empower their teams.

The company raised $45 million of Series B venture funding in a deal led by Thayer Ventures and Swisscanto Holding on September 16, 2019. Swisscom Ventures, Edenred Capital Partners, Swiss Post, Alpana Ventures, HighSage Ventures, Hammer Team Digital, Atomico, Samsung NEXT Ventures, Fyrfly Venture Partners, Keen Venture Partners and Investiere also participated in the round. The funds will be used to further expand its platform and further expand its offering with new features and integrations.

 

Acronis \ acronis.com \ Founded in 2003

Provider of a personal backup software designed to offer hybrid cloud data protection. The company’s software provides its backup, disaster recovery and secure file sync and share services, enabling consumers and businesses to manage storage and backup, as well as disaster recovery at an affordable cost.

The company raised $147 million of venture funding in a deal led by Goldman Sachs Alternative Investments & Manager Selection Group on September 18, 2019, putting the company’s pre-money valuation at $853 million. The company will use the funds to accelerate the business growth in North America in partnership with Acronis SCS, an independent software vendor and distributor for the public sector.

 

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Investor Highlight

 

Alpana Ventures \ alpana-ventures.ch \ Founded in 2016

Description of Investor

Alpana Ventures is a venture capital firm based in Geneva that specializes in the early stage investments. The firm prefers to invest in the information technology, healthcare, media, transportation and consumer products and services sectors.

Active Portfolio – 37

Investments (TTM) – 18

Med. Round Amount – $5.00M 

Med. Valuation – $15.10M

# of Exits – n/a

Deal History

In the past year, Alpana Ventures has invested in the following 7 identity companies:

Lend

Inpher

Qwil

ZaiNar

CityCop

ClearAccessIP

Beekeeper

 

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