The round was led by CVC Growth, which will join SheerID’s board of directors. SheerID will use the funds to fortify its marketing, sales, and engineering efforts; launch in more geographies, and add more consumer segments relating to occupation, interests, causes, and affiliations.
SheerID was founded in 2011 to help companies gate exclusive offers to high-value customer segmentation groups. The segmentation, for example, prevents customers from using their student ID from the 1990s to score a discount on a laptop today. Other segmentations include military personnel, teachers, and seniors. “Our platform allows brands to create offers that honor and recognize an entire consumer tribe, increasing trust and word-of-mouth, and decreasing customer acquisition costs,” explained SheerID CEO Jake Weatherly.
The new funds come at a time of significant growth for SheerID. The company has seen 4.5x revenue growth over the past three years, ranked 243 in the Deloitte and Touche Fast 500, and landed 200 customers including Target, Amazon, Lowe’s, Comcast, Google, T-Mobile and Urban Outfitters.
“Our exponential growth is driven by major shifts in personalization, privacy, and performance marketing,” Wealtherly said. “Marketers are struggling to capture the attention of consumers who want more control over their personal data and less uninvited marketing from brands.”
Oregon-based SheerID demoed its verification platform at FinovateSpring 2019. The demo showed how the SheerID platform can help banks not only verify credentials for exclusive offers but can also fuel personalized marketing.