The company announced the $60-million Series C—led by Goldman Sachs Growth Equity with backing from Citi Ventures and previous investor American Express Ventures—in a press release on Tuesday. It raised an additional $10 million from Blumberg Capital and the Business Development Bank of Canada, bringing Trulioo’s total capital investment since 2011 to $96.6 million, according to the company. (The Logic)
Talking point: The raises show continued interest in the company’s digital identification services, which let financial institutions verify their users. As the fintech space grows, “validating that people are who they say they are is critical to reducing business risk,” said Matt Carbonara, managing director of venture investing at Citi Ventures. It’s the latest in a series of raises by B.C.-based tech companies this month: Burnaby-based Clio saw the country’s largest venture capital investment since 2000 with a US$250-million investment; Vancouver-based Terramera raised US$45 million in a Series B; CryptoKitties creator Dapper Labs, UrtheCast and Fitplan Technologies also announced raises.