Allianz spinout Idinvest contributed to a series B round that will help the UK-based background checking service expand in the US.
Onfido, the UK-based developer of an intelligent background and credentials checking service, has raised $25m in series B funding from backers including corporate-backed private equity firm Idinvest Partners.
The round also featured venture capital firms Wellington Partners and CrunchFund, both of which contributed to Onfido’s $4.5m series A round in February 2015 along with an assortment of angel investors.
Founded in 2012, Onfido offers a background checking and identity verification service aimed at the sharing economy, ensuring flexible workers are properly vetted.
The company maintains offices in London and San Francisco, and has built up a customer base of more than 1,000 clients, but will use the series B funding to expand further in the US. It has raised more than $30m altogether, and Oxford University is also a past investor.
Matthieu Baret, a partner at Idinvest, said: “In what is set to be a testing year for many startups, Onfido has the product and business model that will allow them to continue their strong upward trajectory.
“This is why we invested and we look forward to working together as they expand to new markets and territories.”
Idinvest was spun out of insurance firm Allianz in 2010. Its limited partners also include media company Lagardère Groupe and human resources firm Up Group.
– This story first appeared on our sister site Global Corporate Venturing.
