ID startup Veridu raises £800k

Source: Veridu

Veridu has successfully completed yet another major funding round and is aiming for a valuation of £20,000,000 in 2016.

Among the investors are a number of prominent names that believe in using people’s social footprints to globally create online trust.

“We’ve spent a long time getting to the bottom of understanding the markets where the traditional methods of identifying people simply do not cover. During this process, we’ve met several interesting investors who share our view of the enormous potential in a global digital identity solution, which among other things is based on people's use of social media. Thanks to these investors and their networks, we can now move to the next phase which is to accelerate our sales,” says the founder and CEO of Veridu, Rasmus Groth. Among other things, Veridu make it possible to identify and build trust among people across borders and to reduce fraud. Furthermore, the firm offers new customer insight at an unprecedented level. Today, Rasmus Groth and his team possess a deep understanding of the market and have built a strong pipeline.

From the very beginning Danish resident Rasmus Groth has had an international focus and thus founded the company in London in 2014. His vision is to create the most accurate, reliable and credible tool to quickly and effectively verify the identity of any person anywhere in the world. This is done by using advanced technology and complex algorithms that in seconds can state the probability that an individual is properly identified. As Veridu approves the individual's identity, the firm also offers its customers very specific customer insight. This of course makes it possible for companies to target content and communications more accurately, efficiently and cheaply than has ever before been possible. And finally, Veridu's technology is used to ensure greater trust between two parties on e.g. digital marketplaces and elsewhere in the sharing economy.

Off-the-shelf product needed
For this investment round, Veridu have attracted capital from both investment funds and independent investors such as Phil McGriskin and Paul Townsend. They successfully sold their business Envoy to Worldpay where McGriskin today works as Director of Innovation. Both have since founded the company VitessePSP, which is a payment solution focused on foreign payments.

The investment funds include Force Over Mass Capital, which is a relatively new fund focusing on the English technology sector. In addition, Rasmus Groth attracted money from Knightsbridge Executive Services and Belgian Callataÿ & Wouters Ventures. With this money Veridu will now be able to further scale its business until the next investment round.

"We plan to begin fundraising for our A-round next spring. At that point we'll have proved that we have both the organization and the product to land the really big clients. In fact, we're currently in the process of integrating our technology with several of them. Right now we'll spend part of the money on adding data scientists and statisticians to our organization that can further improve the accuracy of our algorithms. In addition, we’re hiring a team that is solely concerned with our major clients and partners. Finally, we’ll develop a self-service solution that makes it easy for any digital store owner and marketplace in the world to make use of our technology. We expect to have the self-service solution ready in the spring of 2016," says Rasmus Groth.

Veridu has employees in the UK, Australia, Brazil, and Denmark. 

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