SaaS firm LoginRadius raises $17 mn in Series A round
LoginRadius, which offers a cloud-based software-as-a-service platform that helps businesses manage and secure their customers' digital identities, has raised $17 million (around Rs 117 crore at current exchange rates) in a Series A round of funding.
The company said in a statement that VC firm ForgePoint Capital and tech giant Microsoft’s venture fund M12 had led the investment.
Existing investors including Real Ventures, BDC Capital, and Yaletown Venture Partners also contributed.
As part of the deal, ForgePoint Capital and M12 will now have representatives on LoginRadius’ board of directors.
The company broadly provides customer management and access management solutions. It said that it will use the fresh capital to accelerate product innovation, customer acquisition, and global expansion.
The firm’s research & development initiatives are headquartered in Jaipur.. With global offices in Vancouver, London, San Francisco, and Sydney, the company said it plans to more than double its workforce in the next 12 months.
Launched in 2012 by Rakesh Soni and Deepak Gupta, LoginRadius’s consumer identity platform is a unified, cloud-based tool that enables organisations to offer their users access to their online properties.
All ID providers are integrated to a client website via LoginRadius, thus enabling social logins.
Simply put, LoginRadius enables internet users to log into a website using their existing accounts on Facebook, Google, etc. without having to fill out registration forms, verifying email addresses and creating and memorising new usernames and passwords.
“With increasing customer experience expectations and growing cybersecurity threats, enterprises need a modern cloud-based identity platform that can be the foundation for digital transformation,” said co-founder Soni.
LoginRadius claims to have achieved triple-digit annual growth for the past two years. According to the company, its enterprise-grade identity platform is being used by over 3,000 businesses with a monthly reach of 700 million users worldwide.
Its client base includes brands such as Weather Network, Vogue, Canadian Broadcasting Corp (CBC), Viacom, Avatar, and Kind Snacks.
In February 2014, LoginRadius had raised $1.3 million in angel funding from a group of investors including Accelerate Fund, Yaletown Venture Partners, Real Ventures, BDC Capital, and other unnamed angel investors.
M12, formerly known as Microsoft Ventures, is the early-stage investment arm of Satya Nadella-led Microsoft.
M12 generally backs enterprise startups and makes investments at the Series A and B stages, putting in between $2 million and $10 million from its global corpus.
Earlier this year, Microsoft decided to reorient the strategy of its venture capital arm by setting up a new office and local team in India.
US-headquartered ForgePoint Capital, formerly known as Trident Capital Cybersecurity, is a $300 million fund that exclusively invests in cybersecurity companies.