Press Release: Leading verifiable technology solutions provider, Accredify, closes Series A funding round to bring digital trust to APAC and beyond
Singapore, 20 April 2023 – Accredify, APAC’s leading verifiable technology solutions provider, today announced that it has raised USD$7 million during its Series A funding round, co-led by top venture capital firms iGlobe Partners and SIG Venture Capital, with participation from returning investors, Pavilion Capital and Qualgro.
A key player making waves in digital trust ecosystems across multiple verticals
Founded in 2019, Accredify’s early success started in the education sector by helping higher education institutions to issue verifiable qualifications. Today, Accredify’s SaaS solution is used across the public and private sectors, enabling government institutes and enterprises to digitally issue verifiable documents. The underlying use of blockchain technology ensures the authenticity of a document that is shared or received, protecting against fraud and forgery. This also helps to digitalise the verification process to make it more efficient for all parties.
Notably, Accredify worked with the Ministry of Health to deploy its solution for healthcare institutions at the peak of Singapore’s COVID-19 outbreak in 2020, for which it was the only digital trust start-up to be awarded the President’s Certificate of Commendation. More recently, Accredify partnered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) in rolling out verifiable business profiles and certificates for all business entities operating within the country. The value of Accredify’s solutions spans far and wide, applicable even in use cases like authenticating gemstones.
Primed to build digital trust across regional economies in APAC
With the successful close of fundraising, Accredify is well-positioned to expand its regional presence across APAC by scaling its services and diversifying use cases of verifiable technology solutions across various industries.
“The strong support we have received is an affirmation that verifiable data is the future standard for information,” said Quah Zheng Wei, CEO and Co-founder, Accredify. “Our solution is industry-agnostic and can be applied to various verticals and use cases. We look forward to working with our investors and leveraging their global networks to bring our digital trust technology to governments and enterprises across the region.”
“We are thrilled to support Accredify’s vision in paving the future of verifiable data as a lead investor and look forward to working closely with the team in their growth and geographical expansion. This successful round of funding will contribute significantly to Accredify’s development in verifiable technology and in driving the digital trust revolution forward,” said Dr. Chong Yoke Sin, Managing Partner of iGlobe Partners.
Currently, Accredify is building digital trust in 9 markets and 8 industries, but will be focusing on Singapore, Australia, and Japan in the coming year. To this end, Accredify will utilise its fundraising capital to grow its team within Singapore and its focus countries. This includes greater investment in its first international office in Sydney, Australia, established last year, as well as planning for an office in Japan, to better contribute to the development of digital trust applications for local markets.
“The team at Accredify has been building on this for years and are now seeing exciting traction serving industry leaders across multiple verticals. Breaking down the multi-variate problem of transacting trust, they deliver a simple elegant solution that is cost, time effective and accurate for their users. As more countries continue to chart towards their digital ambitions we believe that trust technologies like Accredify’s are foundational to enabling that secured connected future”, shares Blake Ong from SIG Venture Capital.
“Data verifiability and security is increasingly important, given the sophistication of document forgery and deepfake technologies. We are proud to have witnessed Accredify’s growth and expansion into new use cases since our investment in 2021, which continues to build our conviction in their ability to capture a global opportunity, starting with the APAC market,” said Weisheng Neo, General Partner, Qualgro.
Accredify will also be accelerating the development of its SaaS solution to enable more industries and markets to leverage verifiable technology solutions to build digital trust in business operations, public sector governance, and daily life.
Accredify is pioneering the world’s transition to verifiable data. Accredify is Asia Pacific’s award-winning leading verifiable technology solutions provider. To date, Accredify has processed over 12 million verifications on 2 million issued documents. By enabling automation and secure information exchange, Accredify has empowered over 600 users in nine markets and eight industries to simplify complex processes and discover new frontiers of digital trust. With a dedicated team that embraces the highest standards of customer service, security, and privacy, Accredify’s mission is to be the foremost verifiable technology solutions provider for moments when trust matters most.
About Accredify’s solution
Accredify’s solution is an end-to-end verifiable technology solution that spans the issuance, management, and verification of documents. Accredify is also developing applications that leverage the authentic data provided by its SaaS solution to enable users to harness analytics and gain meaningful business insights.
For more information, visit www.accredify.io.
Product Marketing Manager, Accredify
About iGlobe Partners
Founded in 1999, iGlobe Partners is a premier venture capital fund manager investing in early-stage technology startups in the areas of Smart Cities, Fintech, Healthtech and Biotech. First established in Silicon Valley and headquartered in Singapore today, the firm has an extensive global network and a strong track record of enabling startups to scale game-changing innovations across geographies. The team has managed funds exceeding US$400 million and has continually delivered top-quartile fund performance to investors, giving rise to multiple unicorns and successful exits including Unity Software (NYSE: U), Twist Bioscience (NASDAQ: TWST), ACSL (TYO: 6232), Matterport (NASDAQ: MTTR), Hippo Holdings (NYSE: HIPO), Ginkgo Bioworks (NYSE: DNA) and NerdWallet (NASDAQ: NRDS).
About SIG Venture Capital
SIG Venture Capital is the Southeast Asian and Indian venture capital arm of the Susquehanna International Group of Companies, a global proprietary trading and investment firm founded in 1987. As part of SIG, we have access to flexible and patient capital to grow with our investments. We support founders from their early days through each stage of growth and, together with our China team, have achieved 70+ IPO/M&A and other exits among 350+ portfolio companies in enterprise and consumer technology over the last 18 years. These portfolio companies include Agora, Bytedance, Kumu, Inshorts, Lentra, Mobile Premier League, Musical.ly, Paidy, PayMaya and RedDoorz. For more information about SIG Venture Capital, please visit www.sig-asiavc.com.
Qualgro (Quality & Growth) is a Venture Capital firm based in Singapore, investing mainly in startups with B2B, Data/AI and Software capabilities, to support talented entrepreneurs with regional or global growth ambition. Qualgro invests primarily in Southeast Asia, at Series A & B.
With a combined valuation of US$7B+ across >30 companies, Qualgro’s porfolio includes 3 unicorns and 7 full-exits, including 1 IPO and 3 acquisitions by international players. Qualgro was awarded ‘VC Exit of the Year 2019’ by Singapore Venture Capital Association.
Media Contact: Lum Jia