CVC Growth will join SheerID’s board alongside Centana Growth Partners and Voyager Capital, which led SheerID’s earlier financing rounds in 2017 and 2015, respectively. The new funding comes on the heels of 450% revenue growth over the last three years. Since 2018, SheerID has expanded its customer base to include more than 200 customers across a diverse range of B2C brands such as Target, Amazon, Lowe’s, Comcast, Google, T-Mobile, and Urban Outfitters.
Brands use the SheerID Identity Marketing Platform to identify and acquire consumer tribes like students, teachers, or the military with personalised offers backed by instant verification via 9,000 authoritative data sources.
These consumer tribes share important aspects of their identity, such as their life stage, occupation, and affiliations. They are socially connected and readily share information with each other, like special product offers and brand experiences, that are exclusively provided by brands to their group. This has the double-benefit of increasing marketing reach while decreasing customer acquisition costs, often producing ROAS (return on ad spend) results of 25:1 or higher.
SheerID instantly verifies customers via 1.3 billion identity attributes and provides global insights from over 200 of the world’s leading brands, and doesn’t share or sell customer data, according to the official press release.
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