Estonian ID verification startup Veriff raises USD7.7 million in an investment round

The Estonian online identity verification startup, Veriff, has raised USD7.7 million in a series A investment round; the company plans to use the investment to further develop its product and to expand to the US market.

The investment round, led by Mosaic Ventures, was joined by Taavet Hinrikus, Ashton Kutcher, Paul Buchheit, Elad Gil, Y-Combinator, SV Angel, ACE Ventures, LIFT99 and Superangel.

In total, Veriff has raised USD8.4 million in investment from 25 institutional and private investors.

Veriff was founded in 2015 by then 20-year-old Kaarel Kotkas. Today, the company has over 40 paying customers around the world. Its development and customer service team based in Tallinn, Estonia, and sales and marketing operations are to be moved to the United States.

The company has developed a technology to make it easy for companies to easily verify a person’s identity online. The solution can be implemented in minutes and it costs €49 a month, plus €2 per each verification.

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Cover: Kaarel Kotkas (photo by Annika Haas).

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About the author: Sten Hankewitz

Sten Hankewitz is a lifelong journalist and Deputy Editor at Estonian World. Having lived in Estonia, Spain, the UK and all around the US, he now resides in Chicago, IL. He loves to write and besides working at Estonian World and doing some occasional blogging, he writes books and contributes to other outlets in Estonia, Israel and elsewhere. He has strong convictions and he shows them unashamedly. You can follow him on Twitter, like his page on Facebook or check out his personal blog. You can write to Sten at sten@estonianworld.com.