SheerID, a Eugene, Ore.-based startup that develops verification technology for retailers, has raised a $5.3 million round to help scale the company’s fast-growing business.
SheerID helps more than 160 customers like Costco, Best Buy, and Amazon.com verify the identity of people within specific groups — like veterans, teachers, or college students — so they can receive special offers. Its request processing technology acts as a bridge between a client’s buying process and a secure database.
The funding round was led by Voyager Capital, a venture capital firm with offices in Seattle, Portland, and Silicon Valley, and included participation from Arnold Venture Group, along with a majority of the company’s existing angel investors.
SheerID CEO Jake Weatherly said the fresh cash will be used to hire executives and to continue building out the technology. The company most recently posted 200 percent quarter-over-quarter growth, Weatherly said.
“We have developed new products we recently brought to market and we have a healthy pipeline of product launches coming,” he said, noting new customers in the travel, hospitality, retail, streaming media, and ticketing industries.
SheerID, founded in 2011, has raised $13 million to date and employs 27. The company said it is seeing 200 percent quarter-over-quarter revenue, recently adding customers such as DIRECTV, Best Buy, Newegg, Anthropologie, and Tommy Hilfiger.
