OCR Labs raises £22.2m Series B from Equable Capital to fund international expansion
Equable Capital led the Series B round to support the identity verification provider in growing its operations across North America and EMEA.
OCR Labs provides automated digital identity verification technology combining document validation and facial biometrics. The platform helps organisations prevent fraud and meet regulatory compliance standards.
OCR Labs has secured £22.2m in Series B funding led by Equable Capital to accelerate its expansion into North America and EMEA. The company has developed automated identity verification software designed to tackle fraud and streamline customer onboarding for regulated industries.
The fresh capital will be deployed to support international growth, including establishing a North American presence, building a direct sales force, and appointing a global Chief Revenue Officer. Previous backers OYAK and Halkin Ventures also maintain involvement with the business.
The raise follows a period of rapid commercial scaling for the London-headquartered firm, which reported significant client acquisition over the preceding year. Its technology combines document validation with facial recognition to operate without manual intervention.
From the founder
"2021 was an incredible year for OCR Labs, with continued validation from customers who have chosen us as their provider for online digital identity verification. This investment provides us with the capital to continue our growth while bringing a value-added investor on to our board. Our vision remains unchanged: we strive to be the leading technology provider of digital identity verification, globally. The market opportunity continues to grow, and with our expansion in the US, and investment in our global sales effort, we’re in a phenomenal position to grow our customer base."
John Myers
CEO at OCR Labs
Investor perspective
"Our investment in OCR Labs was the culmination of a lot of work to find the leading provider of identity verification using identity documents and facial matching. OCR Labs’ solution has the highest accuracy and lowest error rates while protecting customer data and privacy and meeting the highest third-party testing and accreditations standards."
Jonathan Smidt
Founder, Equable Capital
Use of funds
- 01Expand into international markets
- 02Invest in sales and marketing
- 03Grow the team