capital300 invests in Authenteq, an automatic identity verification platform
capital300 announces its second investment of 2018 - together with Draper Associates, capital300 leads a $ 5 million Series A investment in Authenteq, the Iceland and Germany based company that enables privacy-friendly and affordable identity verification.
Identity verification is critical for all kinds of Know Your Customer (KYC) and customer onboarding processes. As consumers do more and more transactions online, risks of abuse and identity theft are also increasing. The identity verification has become essential not only for the financial service industry, but also for industries like retail or media. Therefore, the need for Identity-Verification-as-a-service is tremendous and the estimated $ 10 billion market is expected to grow significantly in the next years.
The capital300 team is thrilled to support the rockstar Authenteq team based in Berlin (Germany) and Reykjavik (Iceland), lead by Kari Runarsson (CEO) and Adam Martin (CTO), in their mission to disrupt the market by providing affordable and automatic identity verification platform, while also ensuring the privacy of its users via the use of blockchain technology. We are happy to have Draper Associates joining the round, adding substantial blockchain expertise, as well as providing unique access to customers and partners via their Silicon Valley network and portfolio companies.
Until now verifying identities has been a very expensive and often manual process that requires the processing and storage of a lot of sensitive and personal information. We are excited that Authenteq’s unique technology is disrupting the existing process and will enable affordable and fully automatic identity verification, at the same time ensuring the privacy of users.