Scottish verification service miiCard has raised $2.5 million (£1.5 million) in fresh growth capital less than a year after the business was founded.
Its second round of seed funding, which follows on from a first round of £550,000, sees new investor New Wave Ventures join existing partners IQ Capital and Par Equity in backing the ‘digital passport’ business.
According to miiCard, its service allows a consumer to track, monitor and take control of their online identity. The service costs £1 a month and is charged to the vendor on a transactional basis. The funding is aimed at supporting miiCard’s expansion into the US.
The UK and US governments have launched initiatives to tackle the issue of online identity, with the UK Identity Assurance Programme and the National Strategy for Trusted Identities in Cyberspace in the US.
James Varga, CEO of miiCard, comments, ‘Now, more than ever, we are seeing a huge amount of activity in the marketplace around online identity and trust.
‘Along with our existing investors and board members, we have a fantastic team and a unique opportunity to change the way we interact online.’
Back in September, miiCard’s first seed funding round also included a management buy-out, with Varga becoming CEO. The round was reported to be oversubscribed and completed within six weeks.
The business now operates in the US, Canada, UK, South Africa, India, Australia and New Zealand.
Tim Bullock, co-founder of New Wave Ventures, adds, ‘As the internet plays a growing role in the way we interact with each other, especially when executing financial transactions, it becomes increasingly important to be able to prove who we are, and quickly and reliably establish who we are dealing with.
‘The miiCard team have developed a unique and global solution to this problem, which will facilitate commercial transactions and remove uncertainty from more personal interactions.’
The deal for New Wave Ventures is the first since its March backing of semiconductor business Surrey NanoSystems as part of a £4.5 million third round funding.