Sumeru Equity Partners have recently announced that they have raised 70 million Swedish Kronor (Swedish kronor) to fund their fourth fund. The amount is a very good deal for the company, who previously only raised a little over 50 million, but now they are taking a huge jump to invest in a variety of different tech companies. As a result, this is the first time that a venture capital firm has announced that it has secured such a large sum of money in the Nordic market.
A $70 million investment in a small, nimble company named iProov will go a long way toward helping the biometric authentication firm maintain its position at the forefront of technology. With a focus on the North American market, iProov is in a good position to expand its presence throughout the world. In fact, the company plans to bolster its burgeoning international customer base by hiring the best and the brightest. While its core product, iProov ID, enables customers to verify their digital identity by scanning a selfie via their smartphone, the company has since branched out into palm and face verification and is also building out a robust partner network.
In the grand scheme of things, SocialChorus has been around for a while, but its high-growth SaaS offering is only now reaching critical mass. It started out as a social advocacy solution, but has now grown into a mission-critical enterprise workforce communications platform. The company has acquired the attention of the big boys in its industry, but has not yet landed the acquisition sex of the year. Now it is staking its claim as a leader in the employee engagement software space.
Aside from its impressive head count, SocialChorus also makes waves in the world of employee engagement with its cloud-based software for employee communications. From internal chat to social media channels to ad hoc conversations, the company has a suite of tools that makes it easy to organize and facilitate conversations about work. To help companies amplify these efforts, the company recently expanded its footprint to more than a dozen countries, and boosted its marketing and sales headcount. This equates to a staggering 15 million employees in the company’s global reach.
Sumeru Equity Partners
Sumeru Equity Partners is a growth-equity fund that invests in technology companies in North America and Europe. Its portfolio includes hardware and software firms that are involved in online identity verification and security. In addition, the firm has made investments in a number of US states.
Sumeru is based in Silicon Valley. It focuses on investing in and offering strategic insight to enterprise technology companies. The team’s track record of adding on acquisitions is strong, including Kyriba, Clarifai, Mergr, and more. This is one of the reasons that Sumeru is extremely optimistic about its potential.
iProov, an online biometric face authentication platform, received $70 million in funding from the investment firm. Founded in 2011, iProov is used by governments, banks, and other enterprises. According to the company, the new funding will be used to expand the company’s global partner network. Besides its core product, iProov also provides anti-spoofing and deep fake artificial videos detection.
Funding limit reached for fourth fund
Sumeru Equity Partners, a growth-equity firm focused on technology companies, announced a closing of its fourth fund, exceeding a target of $1 billion. The company has invested in many leading growth-stage firms and has a portfolio that includes vertical SaaS applications, data analytics, and education technology. Its primary focus is on empowering innovative founders and management teams.
One of the companies that Sumeru Equity Partners has invested in recently is iProov, an enterprise communications provider based in the UK. The company has a wide range of customers, including the US Department of Homeland Security and the Australian Taxation Office. iProov plans to use its new capital to expand in international markets. In addition, Sumeru Equity Partners has a majority stake in SocialChorus, a communication-distribution startup.
CRED, an Indian fintech startup, also recently raised a funding round. The company is targeting millions of high credit score customers. The firm has 120 large customers around the world, and it is working to expand its offerings to help other companies. A new $140 million round is being led by GIC, the Singapore sovereign wealth fund. Assuming the new round closes, CRED will be valued at $6.4 billion.