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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