Certn, an online background checks and identity verification firm, has secured an additional $30m in Series B financing with over $29.5m coming from Export Development Canada (EDC). To date, Certn has raised over $114m in venture funding with $80m coming via the latest Series B round. This additional funding helps Certn, who acquired Australia’s InterCheck a year ago, expand its revolutionary background screening technology in APAC markets.
What does the funding mean for Certn?
This follows record revenue growth of 14533% from 2018-22, making Certn the second-fastest growing Canadian firm according to Deloitte Canada’s Technology Fast 50™ program.
EDC, Canada’s export credit agency, has been helping Canadian firms for decades confidently enter new markets, reduce financial risk, and grow their business. EDC joins other investors like B Capital, a strategic partner of Boston Consulting Group, Bank of Montreal, Gaingels, Covalent Ventures, Tribe, Inovia Capital, Telstra Ventures, Scribble, and Moxxie Ventures.
Commenting on the additional Series B funding round, Andrew McLeod, CEO and Co-Founder of Certn, said: “We’re grateful for EDC’s support and excited to use this funding toward product development and to bring our technology to new users in international markets.”
Dan Oak, Managing Director, Asia-Pacific added, “This funding helps Certn InterCheck unlock new opportunities, like those with our partners in the telecommunications, mining, travel and govt services sectors, through instant identity verification and faster, easier police checks.”
This expansion follows Certn’s acquisition of InterCheck and Credence in the United Kingdom, and partnerships with Oz companies. Certn provides international and domestic background checks and identity verification for employers and anti-money laundering (AML) compliance.
What does the funding mean for EDC?
Guillermo Freire, Senior Vice-President Mid-Market of Export Development Canada, 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 Export Development Canada is making this important commitment to fuel and sustain Certn’s impressive growth.”
One of EDC’s corporate priorities is supporting medium-sized firms. EDC is committed to building strategic relationships with such firms 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.
