Summit Partners led the investment, which includes both primary capital and a secondary tender offer for employees. Goldman Sachs Alternatives, Wells Fargo, Docusign and others also participated. Socure did not disclose the terms of its acquisition of Fravity. With the latest funding, Socure has raised over $742 million in disclosed funding since its 2012 inception. It was previously valued at $4.5 billion at the time of its Series E round in 2021. The company did not break down how much of its raise was primary and secondary capital. The transactions come as Socure says it is seeing both rapid growth in its own business and a sharp rise in increasingly sophisticated fraud. The company is refreshingly open about its financials, telling Crunchbase News that it ended the second quarter with $364 million in annual recurring revenue, up 63% from a year earlier, and added 95 customers during the quarter, including Circle, Cox Automotive, MoneyLion and Login.gov. It also claims to be...
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