Digital security startup Socure raises funding from Accel, T Rowe

Digital security startup Socure has raised $450 million in fresh capital from investors led by Accel and T. Rowe Price.
Dollar spending on technologyOther venture investors including Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners and Sorenson Ventures also participated in the latest round.

The latest financing makes Socure one of the most richly-valued ventures in the digital verification sector, whose growth has surged during the pandemic as companies worldwide rolled out remote working operations for employees.

In September, one of Socure’s competitors ForgeRock capitalized on the digital security boom and went public, while ID management firm Okta earlier this year bought smaller rival Auth0 in a $6.5 billion deal to accelerate growth in the face of high demand.

New York-based Socure, whose customers include sports-betting company DraftKings and fintech giant Chime, said last month its new clients more than tripled in the third quarter.