Digital ID verification startup Socure valued at $4.5 bln in latest funding

Nov 9 (Reuters) - Socure said on Tuesday it had raised $450 million from investors led by Accel and T. Rowe Price, making it one of the most valued ventures in the digital verification sector at $4.5 billion amid a boom in the online security space.

Socure's growth has surged during the pandemic as organizations worldwide have rolled out remote working operations for employees.

Other companies in the identity management space including ForgeRock Inc (FORG.N) have gone public, while Okta Inc (OKTA.O) earlier this year bought smaller rival Auth0 in a $6.5 billion deal to accelerate growth as demand jumps. read more

The latest funding for Socure comes months after it reportedly raised funds at a valuation of $1.3 billion.

"We did a $100 million round to start the year. That, in combination with this financing, gives us a lot of dry powder to invest in product development and bringing in talent," Chief Executive Officer Johnny Ayers said.

New York-based Socure, whose customers include sports-betting company DraftKings Inc (DKNG.O) and fintech giant Chime, said last month its new clients more than tripled in the third quarter.

Two new investors Bain Capital Ventures and Tiger Global, and existing investors Commerce Ventures, Scale Venture Partners and Sorenson Ventures also participated in the latest round.

Some of Socure's customers such as Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures and MVB Bank, have also invested in the company.

Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni and Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.