CPE News (4.20.2023) – Certn has announced the closing of US $30 million in Series B-2 financing.
Crown corporation Export Development Canada (EDC) led the financing with US $29.5 million investment and was joined by B Capital, a strategic partner of Boston Consulting Group, Bank of Montreal, and two other investors.
To date, Certn has raised over US $114 million in venture funding with US $80 million coming via the latest Series B round.
The Series B-2 financing closed in 2022. Osler, Hoskin & Harcourt LLP acted as legal counsel to Certn.
Victoria, BC based Certn is a leader in online background checks and identity verification.
Certn Background Screening Gets US $30M Boost with Support from Export Development Canada
Canadian Crown Corporation Invests in the Startup’s Global Expansion
VICTORIA, British Columbia–(BUSINESS WIRE)–Today Certn, a leader in online background checks and identity verification, announced it secured an additional US$30M in Series B financing with over US$29.5M coming from Export Development Canada (EDC). To date, Certn has raised over US$114M in venture funding with US$80M coming via the latest Series B round. This additional funding helps Certn, who acquired UK-based Credence Background Screening a year ago, expand its revolutionary background screening technology in EMEA markets.
This additional round follows a period of record revenue growth to the tune of 14533% from 2018 to 2022 — making Certn the second-fastest growing Canadian company according to Deloitte Canada’s Technology Fast 50™ program.
EDC, Canada’s export credit agency, has been helping Canadian companies for decades confidently enter new markets, reduce financial risk, and grow their business. EDC joins other Series B investors including B Capital, a strategic partner of Boston Consulting Group, Bank of Montreal, Gaingels, Covalent Ventures, Tribe, Inovia Capital, Telstra Ventures, Scribble, and Moxxie Ventures.
Michael Whittington, Managing Director of Credence, Certn’s EMEA region business, said: “We’re grateful for EDC’s support and keen to expand our product offering in new regions like the Middle East.” Doug Beavis, Sales and Commercial Director, EMEA added, “We’re ready to solve new problems and this funding helps us empower new clients, like those in healthcare, the gig economy, financial services, and travel industries, to access more opportunities through seamless background checks and instant identity verification.”
Guillermo Freire, Senior Vice-President Mid-Market of EDC, said: “We’re delighted by this strategic relationship with Certn. How the company has fundamentally changed background screening with its online platform and quick, mobile-enabled processes presents tremendous opportunity in the global marketplace.” Freire added, “Their innovative approach to problem solving for their clients combined with their high-growth potential in international markets is why EDC is making this important commitment to fuel and sustain Certn’s impressive growth.”
This expansion follows Certn’s acquisition of InterCheck in Australia and Credence in the United Kingdom, and partnerships with UK companies such as DabApps and Screenloop. Certn provides international and domestic background checks and identity verification for employers and anti-money laundering (AML) compliance.
One of EDC’s corporate priorities is supporting medium-sized companies. EDC is committed to building strategic relationships with high-growth medium-sized companies like Certn, who are strategically positioned for accelerated export growth. In 2022, EDC supported over 3,600 Canadian medium-sized companies, accelerating their international growth to boost their global competitiveness.
Certn offers better and faster experiences for everyone. Certn is revolutionizing background screening with the easiest-to-use online platform, 24/7 customer support, and fast and compliant results from global databases. Why wait? Trusted by 10,000+ clients, Certn helps businesses hire faster and manage risk — all while delivering user experiences that help them stand out. Learn more at certn.co.
About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
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