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HR automation software startup Sora announced this morning that it closed a $14 million Series A round of funding. Two Sigma Ventures led the financing event, putting in $10 million, with prior investors completing the round.
The round comes after Sora raised a $5.3 million seed round in July 2020. First Round and Elad Gil led that investment.
TechCrunch caught up with Sora CEO Laura Del Beccaro to chat about the round. We were curious about why this was the right moment for the company to raise more capital — the startup noted last year that it had around 2.5 years of runway — and what it intends to do with the money.
Regarding the first question, Del Beccaro said that her company raised its seed round to validate its market after finding early traction with its product. The CEO added that her company found better problem validation — product-market fit, essentially — than it had anticipated in the following quarters, and that after a year of scaling “thoughtfully” is now ready to accelerate its growth in both financial and human terms.
Sora reached an inflection point, she said, sometime in the first half of 2020. The early COVID days, in other words. The pandemic was tough on HR teams, Del Beccaro explained: With employees going remote, and a shift to hiring over Zoom, you can imagine why HR teams were having a time and a half during the rapid shakeups of the labor market.
The startup’s growth accelerated (Read more...)
Online fraud and identity theft is a global problem that has only been exacerbated with increased online transactions amid the COVID-19 pandemic. In particular, it is estimated that Brazilian companies lose over $41 billion due to fraud every year.
In an attempt to tackle this problem head on, Lincoln Ando and Raphael Melo started idwall in mid-2016. São Paulo-based idwall started as an automated background check solution and has since grown into a suite of data and identity validation and risk analysis products. For the consumer market, its “MeuID” app is aimed at users who want to change the way they identify themselves and share their data.
And now the Brazilian regtech has raised $38 million in a Series C round led by Endurance.
GGV Capital, monashees, Canary, Qualcomm Ventures, ONEVC, Peninsula and Norte also participated in the funding, bringing its total raised to nearly $50 million.
The company says it has grown 1,458% between 2017 and 2020, with average growth of 144% per year. Its more than 300 clients include 10 unicorns, two out of the three biggest banks in Brazil and companies such as iFood, Claro, Cielo, Loggi, Ebanx, QuintoAndar and OLX, among others.
Fintechs make up a significant portion of its client base, and in 2020, the company saw its revenue from clients in the financial industry alone climb by 588% compared to 2019.
Idwall uses machine learning and AI to automate the onboarding process via its face match, background check, risk analysis, ID validation and automated (Read more...)