Truora, a Colombian user authentication startup, raised $15 million in Series A funding co-led by co-led by Propel Venture Partners and Accel, Silicon Valley-based venture firms, which valued the company at $75 million post-money.
Dozens of angel investors also put money in Truora’s latest financing, including Rappi CEO Simon Borrero, Deel CEO Alex Bouaziz, Muni founder Maria Echeverri Gomez, Jeeves CEO, and founder Dileep Thazhmon, Bitsports founder Tatiana Fontalvo, Morado founder Angela Borrero, VaaS founder Valentina Valencia, Searchlight’s Anna and Kerry Wang, GGV Capital venture partner and ex-Affirm COO Huey Lin and Latitud co-founder Brian Requarth.
The startup plans to use its proceeds in part to expand its WhatsApp onboarding offering, which includes functionalities such as automated conversations, in Mexico. Eventually, it also wants to expand further in Brazil.
Truora also plans to use its fresh capital to do some hiring and insists that it wants to create a workplace culture “where women can thrive.
Company: Truora Inc.
Round: Series A
Funding Month: April 2022
Lead Investors: Propel Venture Partners and Accel
Additional Investors: Simon Borrero, Alex Bouaziz, Maria Echeverri Gomez, Dileep Thazhmon, Tatiana Fontalvo, Angela Borrero, Valentina Valencia, Anna, and Kerry Wang, Huey Lin and Latitud and Brian Requarth
Company Website: https://www.truora.com/
Software Category: Digital Identity and Authentication
About the Company: Founded in August 2018, Truora was originally focused on background checks for gigster platforms. In 2018 and 2019, its biggest customers were ride-hailing companies, and with the pandemic, the company saw an increase in e-commerce and marketplace customers. Truora participated in Y Combinator’s Winter 2019 cohort and soon after expanded into digital identity and authentication technologies. Today, Truora describes itself as a SaaS startup that builds authentication and communication tools for Latin American startups, marketplaces, fintechs, and banks. It specializes in user authentication and onboarding, mainly through WhatsApp. Truora has over 400 clients in nine countries across Latin America. Those customers include Rappi, Clara, Bancolombia, Adelantos, Mercado Libre, Didi, Homie and Global 66. The company has offices in Colombia, Mexico, Brazil, Chile, Peru, and San Francisco. While its headquarters are located in Cali, Colombia, Muniz said Truora’s new main focus, or highest growing office, is Mexico City.