Identity marketing solution provider SheerID has raised $64 million in an equity round led by CVC Growth Partners. The new investment will allow SheerID to expand its platform to multiple geographies, helping companies worldwide engage an even broader range of consumer “tribes” such as students, teachers and the military.
SheerID has achieved 450% revenue growth over the past three years and expanded its customer base to more than 200 companies, including Target, Amazon, Lowe’s, Comcast, Google, T-Mobile and Urban Outfitters. Brands use the SheerID Identity Marketing Platform to identify and acquire consumer tribes related to their occupation, interests, causes and affiliations. Brands can use personalized offers backed by instant verification via 9,000 authoritative data sources to reach tribe members.
“Our exponential growth is driven by major shifts in personalization, privacy and performance marketing,” said Jake Weatherly, CEO of SheerID in a statement. “Marketers are struggling to capture the attention of consumers who want more control over their personal data and less uninvited marketing from brands. 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.”
Jason Glass and Doug Behrman of CVC Growth Partners will join the SheerID board alongside Centana Growth Partners and Voyager Capital, which led the company’s earlier financing rounds in 2017 and 2015 respectively.