37.5 C
Budapest
May 24, 2022
2020 – 2022 © MO.CO.HU Magyarország Hírek, Hungary News
Image default
AI Cybersecurity funding HÍREK Investors london SaaS software VC Funding VILÁG ANGOL web3 Yoti

Bootstrapped Yoti says yes to first outside funding

Digital verification software company Yoti is looking to raise £8-10m in outside funding later this year, having so far relied on more than £110m provided by its founders and employees since it was founded in 2014.

Yoti co-founder and CEO Robin Tombs told Sifted that the company is calling it a pre-Series B round “because it felt weird to call something that has already had £110m founder investment a seed round”.

The fresh funding will be used to further expand the London-based company internationally in the US, Canada and Australia.

Yoti’s software is used by businesses to prove online identities when users access services or make age-verified purchases. It is working with UK supermarkets Sainsbury’s, Morrisons and ASDA to verify customer ages at self-checkouts.

The identity company’s technology could also become more important with the development of metaverse and Web3 applications.

Yoti has been bootstrapped since Tombs and Noel Hayden founded it in 2014, with the pair drawing on the £500m they made selling previous company Gamesys for £2bn.

Yoti competes with the likes of Estonia’s Veriff and US-based Jumio.

“This is a business whose time has come,” Tombs added. “A lot of the problems around Web3 come down to identity and interoperability, which we can help with.”

The post Bootstrapped Yoti says yes to first outside funding appeared first on UKTN | UK Tech News.

Related posts

The NFT marketplace, OpenSea and selling digital art – a view from NFT artist Snarskis

MO.CO.HU

These leading tech companies are doing remote hiring in London [APPLY NOW]

MO.CO.HU

Edinburgh-based flexible workspace platform Desana picks up $4M funding

MO.CO.HU

DMCA.com Protection Status