SheerID, a Eugene, Ore.-based startup that develops verification technology for retailers, has raised $2 million in an over-subscribed round from existing angel investors to support its growth.
The company helps more than 120 customers like Costco, Spotify, and Amazon.com verify the identity of people within specific groups — like veterans 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.
SheerID will use the fresh cash to help launch new services and support its biggest clients to date later this year and into 2015.
“This offering was designed to fortify our position as the pioneers of empirical instant eligibility verification, support our continued growth and new applications of our existing instant verification services, and to boost our go to market strategy with new, disruptive verification services,” a company spokesperson said.
SheerID wouldn’t disclose total funding, but the company had raised $2.7 million by June 2013. SheerID was founded in 2011 and employs 27.