SheerID Secures New Venture Capital Investment To Expand Customer Identification Technology
Eugene, OR—September 29, 2015–SheerID, the leading customer verification solution, announced today the close of a $5.3M investment round led by Voyager Capital. SheerID provides enterprises the trusted eligibility verification needed to aggressively compete for new revenue streams by attracting unique user segments. The result for the enterprise are programs that drive customer acquisition, establish long-term loyalty, and build strong brand equity in markets such as academic and military. Seattle-based Arnold Venture Group is also participating in this round. This funding will fuel the company to continue to rapidly scale into new markets and geographies.
The funding comes shortly after SheerID announced a 4x year over year growth in academic verifications, and 200% quarter over quarter revenue growth across all segments. In the last quarter, SheerID added DIRECTV, Best Buy, Newegg, Anthropologie, and Tommy Hilfiger to their client list in addition to other F500 companies including Foot Locker, Costco, and Amazon.
“Our clients are creating marketing campaigns specifically designed around the power of SheerID to deliver higher conversion rates and improved loyalty” says Jake Weatherly, CEO of SheerID. “SheerID has the solution to power marketing initiatives that target, acquire, and scale coveted customer segments, while delivering the loss prevention assurance enterprises need. This funding will accelerate the launch of new products to market and add the resources required to continue our exciting growth. We appreciate the support from all of our investors.”
Launched in 2011, the authoritative and transparent nature of SheerID’s verification solution has attracted channel partners and industry leading clients within digital media, apparel, software, and sports. “Birdies for the Brave has worked with SheerID for three years as our verification solution for our military ticketing programs,” says Anne Davis of the PGA TOUR. “We value our relationship and appreciate what they do for us and the military community.”
“Voyager recognizes the opportunity and challenges large brands have today in acquiring and keeping customers,” says Diane Fraiman, Partner of Voyager Capital. “SheerID’s team has the experience, relationships, and momentum to provide the competitive advantage needed in today’s market. We are very excited to be working with the SheerID team.”
SheerID is presenting at the Intersect Retail conference and exhibiting at Shop.org in October. Interested companies should stop by their booth to experience a demo and receive more information about implementation options.
About SheerID
SheerID transforms existing, protected private data into an omnichannel service that benefits commercial enterprises and the public, while still keeping the information safe and secure. By acting as a bridge between secure data sources, SheerID allows businesses to accurately, instantly verify whether or not their customer qualifies for a special offer like student, active duty military, veteran, first responder, or teacher offers — protecting the exclusivity of the offer and eliminating fraud. SheerID’s verification services can be configured for any e-commerce website, internal customer sales/support system, mobile application, or POS system.