Startups
Funding / Startups / Venture capital

Money Moves: ID.me raised $132M and added a new CFO

Plus, a local startup nabbed $100,000 as an accelerator selectee and a SaaS company raised $23 million in a Series B.

Digital identity: It's important, and tough to prove. (Photo by Flickr user Michael, used under a Creative Commons license)
Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at dc@technical.ly.

ID.me’s fresh megaround

McLean, Virginia identity tech company ID.me is looking at a fresh start to 2023, raising $132 million in a Series D round.

Viking Global Investors led the round, with additional participation from CapitalG, Morgan Stanley Counterpoint, FTV Capital, PSP Growth, Auctus Investment Group, Moonshots Capital and Scout Ventures. In total, the company has raised over $240 million since its founding in 2010, including a $100 million Series C in March 2021 and an additional $100 million in debt financing later that year.

Additionally, the company named Samantha Greenberg as its new CFO. She was most recently the CFO of Mint House. ID.me did not respond to a request for comment on the funding news and appointment of Greenberg.

“I am excited to join ID.me as its secure portable identity network grows ever more essential in a world where services and commerce have migrated digitally,” Greenberg said in a statement.

This raise comes after a tumultuous 2022. After fielding concerns about the privacy of ID.me’s technology, the House’s Subcommittee on the Coronavirus Crisis and the Committee on Oversight launched an investigation into the company, concluding that it made baseless claims about its software. CEO Blake Hall previously told Technical.ly that any mistakes the company made were not committed in bad faith.

Zama Health accepted into One Mind Accelerator

Zama Health, a behavioral and mental health platform for the athletic community, was just selected as one of 11 startups in the inaugural One Mind Accelerator.

The accelerator focuses on early-stage startups solving mental health issues, and each participating startup receives a $100,000 investment. The program will culminate in a demo day in May, where Zama will get to present to investors.

This accelerator acceptance follows Zama Health’s recent partnership with a San Francisco, California gym chain, Fitness SF.

“The funding allows us to test our thesis that our mental health intervention will not only have a direct impact on physical health and performance outcomes but also improve engagement and retention for our gym partners,” Brendan Sullivan, founder of Zama, told Technical.ly.

Following this accelerator, Zama plans to open a seed round and boost its work with collegiate athletic departments.

Hypori nabs $23 million Series B

Reston, Virginia-based Hypori, a SaaS company that built a zero-trust virtual workspace, raised $23 million in a Series B round.

The funds are a continuation of its $18 million Series B raise from January, but the company said it received additional interest from investors. Hypori said Hale Capital Partners initially led the round, while Moore Strategic Ventures anchored the completion.

Hypori said it will use the funds to transform its Hypori Halo product into a scalable cloud-native platform. It will also build out its customer success operation and aid customers in the transition to its ecosystem.

“The new raise indicates the investors’ confidence in Hypori’s ability to meet and exceed expectations, as we continue to fund innovation and expansion from the government to commercial markets,” Jared Shepard, CEO of Hypori, wrote to Technical.ly in an email. “It is especially noteworthy that Hypori has expanded its pool of experienced VC even in today’s soft market environment. It demonstrates that they understand Hypori Halo is the future of secure mobility.”

Here’s who else is raising around the DMV:

  • Gigstreem, a residential and commercial broadband provider in Tysons Corner, Virginia, raised $59 million in two separate transactions in Q1 of 2023. Crestline Investors led both rounds.
  • Bethesda, Maryland’s Dwellwell (Technical.ly’s DC Tech Company of the Year) was accepted into the 2023 REACH Commercial cohort from Second Century Ventures.
  • Open-source data intelligence company Fivecast, which has offices in Adelaide, Australia and Arlington, Virginia, raised a $20 million Series B led by TenEleven Ventures. With the funds, the company will focus on additional expansion in the US and Europe.
  • Herdon, Virginia-based Strivacity, a secure login software company, raised $20 million in a round led by SignalFire. TenEleven Ventures, Kevin Mandia and Jack Huffard also participated, and Huffard will become executive chairman of Strivacity.
  • The American Farm Bureau Federation, which is based in DC, opened applications for its 2024 Ag Innovation Challenge. The program focuses on startups developing products for farmers, ranchers and rural communities. Founders will have access to up to $165,000 in funds throughout the competition.
  • Axios HQ, the communications software spinout of Arlington’s Axios, raised $20 million in a Series A led by Glade Brook Capital Partners and Greycroft Partners. The company plans to use the funds for AI technology in its software.

Government Contracts

  • Arlington-based Raytheon won a $1.2 billion Army contract for providing an air defense system to Switzerland.
Companies: ID.me
Series: Money Moves

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

Our services Preferred partners The journalism fund
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

DC lands $1.7B in Q2 venture capital, double the previous quarter’s raise

Quantum computing could be the next hot tech — if only that breakthrough would come

5 assistive tech platforms to propel the future of work for people with disabilities

The Trump rally shooter perched on a building owned by American Glass Research. Here’s everything we know about it.

Technically Media