SAN FRANCISCO: Truework, the consent-based identity platform that gives consumers control over their personal and professional information, announced the completion of its $30 million Series B funding round today. Greenwich-based, growth equity firm Activant Capital led the round with participation from returning investors Sequoia Capital and Khosla Ventures. The round also included technology leaders Jeff Weiner (LinkedIn); Tom Gonser (Docusign); William Hockey (Plaid); and Daniel Yanisse (Checkr). Steve Sarracino, partner at Activant Capital, will join Alfred Lin and Keith Rabois on Truework’s board of directors.
This latest round of fundraising comes as Truework continues to expand its product offerings, helping address the changing demands companies face as the impact from COVID-19 ripples across the economy. In March, Truework launched the first ever API to verify source-of-truth income and employment data, allowing high-volume user groups such as lenders and medical staffing agencies to integrate Truework’s verification service directly into their applications and workflows. Last week, Truework went live with a product for HR teams to track COVID-19 related data amongst their workforce while maintaining employee consent.
Truework’s core product, a verified identity platform, protects sensitive personal data behind consumer consent. The automated service removes the need for HR departments to respond directly to requests from lenders, landlords, background check companies and others. Whenever a third party requests sensitive data, like income, the respective employee receives an email or text with specific details about the inquiry and is given the option to approve or deny the request. With an emphasis on privacy and security, Truework maintains best-in-class security certifications, including ISO27001, SOC2 Type 1 & 2.
“We’ve always known income and employment verification was just the first step in our mission of creating a holistic identity API that puts each individual in control of how their sensitive data is shared online. In the months and years to come, we plan to expand our consent-driven model into every aspect of identity verification, from education to credit history, and beyond,” said CEO Ryan Sandler. “We’re committed to leading an industry-wide transformation that puts consumers first. Eventually, we hope that selectively sharing your private Truework profile will be all you need to apply for a new job, apartment, or loan—and to keep your information safe, you won’t need to do anything at all.”
“Truework’s platform sits at the center of consumers’ most important transactions and life events – from purchasing a home, to securing a new job,” said Steve Sarracino, Founder and Partner at Activant Capital. “Up until now, the identity verification process has been painful, expensive, and opaque for all parties involved, something we’ve seen first-hand in the mortgage space. Starting with income and employment, Truework is setting the standard for consent-based verifications and unlocking the next wave of the digital economy. We’re thrilled to be partnering with this exceptional team as they continue to scale the platform.”
Alfred Lin, partner at Sequoia, said, “The increasing momentum Truework has seen since its founding in 2017 demonstrates the critical need for transformation in this space. Privacy, especially around identity data, is becoming increasingly top of mind for consumers and how they make transactions online.”
Truework recently announced the first free verification tool for employers to determine which employees can safely return to work, and when, by verifying employees’ COVID-19 health status. “Getting Americans back to work will require a safe and secure way of tracking medical information related to COVID-19,” Sandler explained. “We saw a clear need from our customers, and realized our platform was uniquely positioned to help solve this problem.”
Truework’s network of over 40,000 lenders, and background check companies, and other verifiers completes thousands of employment and income verifications every day, with industry-leading turnaround times.
Truework’s employer network includes nearly 100 enterprise companies and more than 20,000 small businesses across all industries, from healthcare to technology, including The College Board, The Real Real, Oscar Health, The Motley Fool, and Tuft & Needle.