Vancouver’s Trulioo has completed a $394 million Series D round at a massive $1.75 billion valuation, joining Canada’s growing stable of unicorns.
Trulioo is a global identity network enabling companies to reliably onboard customers in a digital-first world. For Trulioo’s customers, this speeds international expansion, mitigates fraud risk, and ensures regulatory compliance.
According to Steve Munford, Trulioo President and CEO, the new round of funding will accelerate Trulioo’s goal to become an end-to-end identity platform, The U.S. digital identity market alone is projected to increase to over $30 billion by 2023.
The Series D round was led by TCV, one of the largest growth equity firms, with participation from existing investors Amex Ventures, Citi Ventures, Blumberg Capital, and Mouro Capital.
TCV backs companies at the forefront of digital transformation across industries and it has a deep understanding of the identity verification space. Its extensive investment portfolio includes technology franchises such as Airbnb, Brex, ByteDance, Facebook, Netflix, Wealthsimple, and fellow Vancouver unicorn Clio.
Trulioo was founded by Stephen Ufford and Tanis Jorge in 2011. The entrepreneurial pair started and sold three data-driven businesses before creating Trulioo.
“For a local kid that got his start delivering Canadian Tire flyers up and down W. 10th Ave, it’s an incredible feeling to see our company soar to these new heights. Despite an appearance of ease with so many B.C. unicorns born of late, getting Trulioo to this point has been a monumental effort by many over the last decade,” Ufford told Techcouver.
“I remain eternally grateful to our customers, partners, investors and employees both past and present for believing in the dream of a humble newsie from Vancouver’s westside.”