Validated ID, the Spanish provider of digital identity products, raised €2 million led by Randstad Innovation Fund, Caixa Capital, and previous investor Cuatrecasas Ventures. The funding will be used to consolidate the company’s growth and expand internationally.
The Barcelona-based startup has three products that specialise in digital identities, electronic signatures and electronic invoices. With this round of funding, it seems the company wants to focus on its stake in the emerging blockchain digital identity market, also referred to as Self-Sovereign Identity (SSI). Applications of Validated ID’s products include healthcare, public administration, and education, where they can reduce costs related to data breaches, operations, IT and support, as well as inhibit fraud and counterfeit products.
The company, founded in 2012, has achieved steady growth recently with a few funding closures in 2019 alone. Its digital signature SaaS product, VIDsigner, is used by over 100 partners and 1000 clients. This reach, along with the development of its new SSI service, VIDchain, has propelled the company’s development.
“We’re living an intense stage of growth in Validated ID. The time is right, our technology and our services are aligned with the market, and we have a great team that day after day is able to ride this wave,” said Santi Casas, the startup’s CEO.
Commenting on the investment, he continued, “The entry of Randstad Innovation Fund, Caixa Capital Risc, and Cuatrecasas Ventures is proof that we are on the right track. It implies that we’d be extending our digital signature service, VIDsigner, in a more ambitious way across European and Latin American countries and accelerating the evolution of VIDchain as a service aligned with the new universal identity models.”
Paul Jacquin of Randstad Innovation Fund added, “We are excited about the ongoing expansion of Validated ID’ e-signatures solution in Spain and its potential in selected markets in Europe. On top of that, we are especially strong sponsors of their involvement in Self-Sovereign Identity and the work they do with leading institutions. It is a natural development of the company’s capabilities that will play out as the SSI market matures.”