Vancouver-based startup Trulioo has raised $6 million in venture capital. The deal was announced yesterday and sees the identity verification company take on a new series A round led by New York-based Tenfore Holdings. BDC Venture Capital and Blumberg Capital also participated in the round.
Trulioo provides software that scores Internet identities as authentic, machine generated or fraudulent. The software is targeted for use by websites and mobile applications that support social login, where adoption is rapidly growing. In fact, a recent study projected ecommerce adoption to hit 50 percent by 2015, in large part due to the ease of use within mobile apps
The new funding brings the startup’s funding total to over US$8.3 million.
“Trulioo created the market for social verification,” said CEO Stephen Ufford. “This additional investment helps ensure we continue to be the leader and top brand to work with in the space by delivering the best product.”
Trulioo’s software called TruDetect enhances social login by verifying the identity of website or mobile app users without introducing additional friction. It currently supports Facebook, Google+, LinkedIn, Twitter as well as traditional login using an email address.
The company has now “scored” 100 million cyber identities, the most in North America and Europe.
The company said the money will be used to “accelerate expansion into developing and emerging markets where traditional identity verification products are largely unavailable.”
David Blumberg of Blumberg Capital said, “Trulioo’s software is a unique and effective tool to help make social login safer for users and more valuable for customers globally. We think the company is well positioned to build out the biggest business in the vertical, as it continues to lead the market.”
