Funding round
Socure Growth
Reported as "Growth Equity"
Socure, which works in digital identity verification solutions in Incline Village, raised $35M in a Growth round announced on 25 Aug 2020, led by Sorenson Ventures. 7 firms took part, 3 of them already investors. It is Socure's fourth venture round on record; the one before was a Series C in Feb 2019.
$35M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Socure did not disclose a valuation in this round. It came 18 months after Socure's Series C. It is 4.4% of the $787M Socure has raised in the venture rounds on record. Socure raised again 7 months later: a Series D round of $100M in Mar 2021. Its next priced round, a Series E in Nov 2021, valued it at $4.50B.
Socure's funding rounds
Socure has 7 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 28 Oct 2014 $2.5M
- Series B 9 Aug 2017, led by Commerce Ventures $14M
- Series C 28 Feb 2019, led by Scale Venture Partners $30M
- Growth this round 25 Aug 2020, led by Sorenson Ventures $35M
- Series D 16 Mar 2021 $100M
- Series E 9 Nov 2021, led by Accel and T. Rowe Price $450M$4.50B post-money
- Debt not a venture round 8 Mar 2023 $95M
- Growth 27 Aug 2026, led by Summit Partners $156M$5.20B post-money
Investors
Who put money in
Sorenson Ventures led the round with 6 other firms. Commerce Ventures, Scale Venture Partners and Flint Capital had backed Socure before.
Lead investor
- Sorenson Ventures new investor
Also in the round
- Commerce Ventures existing investor
- backs 96 venture-backed companies existing investor
- Flint Capital existing investor
- Citi Ventures new investor
- Wells Fargo Strategic Capital new investor
- MVB Financial Corp. new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
298 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 70% of the median. The closest in time, other companies' Growth rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| ReliaQuest Tech Companies | 25 Aug 2020 | $300M | not disclosed | KKR |
| Tech Companies | 17 Aug 2020 | $45M | not disclosed | FTV Management Company |
| Tech Companies | 27 Aug 2020 | $45M | not disclosed | Koch Disruptive Technologies |
| Tech Companies | 6 Aug 2020 | $30M | not disclosed | One Peak |
| Tech Companies | 18 Aug 2020 | $20M | $144M | OpenView |
| Tech Companies | 27 Aug 2020 | undisclosed | not disclosed | Accel-KKR |
| Tech Companies | 26 Aug 2020 | undisclosed | not disclosed | Knox Capital |
| Tech Companies | 18 Aug 2020 | undisclosed | not disclosed | Serent Capital |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Socure raise in its Growth round?
Socure raised $35M in its Growth round, announced in Aug 2020.
Who led Socure's Growth round?
Sorenson Ventures led it, with Commerce Ventures, Scale Venture Partners, Flint Capital, Citi Ventures and Wells Fargo Strategic Capital and 1 more.
What was Socure's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Tech Companies?
298 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 70% of the median.
Did Socure raise again after this round?
Yes: a Series D round in Mar 2021 of $100M.