ProofID raises £15m from Maven Capital Partners to expand its identity services and execute acquisitions.
Maven Capital Partners backed the Manchester-based identity and access management platform to fund acquisitions and technical growth.
ProofID provides enterprise identity and access management consulting and managed services, operating as a primary integrator for Ping Identity.
Manchester-based identity and access management platform ProofID has secured £15m in funding from Maven Capital Partners. The investment will support the company in pursuing acquisitions, alongside expanding its sales, marketing, and technical capabilities.
Founded in 2014, ProofID serves enterprise clients across the United Kingdom, Europe, and North America. The business operates primarily as an integrator for Ping Identity systems.
The capital injection will allow ProofID to forge partnerships with additional identity and access management vendors, broadening its service offering for customers.
From the founder
"Our partnership with Maven is a major milestone for ProofID. This investment gives us the platform to add new services and vendor partnerships to our portfolio to better serve our customers. We are excited about the prospect of working with the team at Maven to grow and develop our business over the coming years."
Tom Eggleston
CEO at ProofID
Investor perspective
"The investment in ProofID represents an attractive opportunity for our buyout fund to add a high-quality cyber security business to its portfolio. The business has experienced significant growth since it was established and benefits from high levels of recurring revenue. IAM is increasingly important to businesses and a key enabler to other aspects of cyber-security, including zero-trust strategy. Tom and the ProofID team are highly experienced and well regarded within the sector. We are excited to work with them and support the next stage of ProofID’s growth."
Jeremy Thompson
Investment Director, Maven
Use of funds
- 01Fund acquisitions
- 02Invest in sales and marketing