About SpruceID
SpruceID is a company based in New York (United States) founded in 2020. It operates as a API-as-a-Product, and Professional Services. SpruceID has raised $41.63 million across 3 funding rounds from investors including Coinbase, Gemini and Okta. SpruceID offers products and services including Credible, Credible Verify, and SpruceKit. SpruceID operates in a competitive market with competitors including CertiK, Ledger, MetaMask, Edge App and SpiderOak, among others.
- Headquarter New York, United States
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Sectors
Technology
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Spruce Systems, Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$41.63 M (USD)
in 3 rounds
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Latest Funding Round
$34 M (USD), Series A
Apr 20, 2022
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Investors
Coinbase
& 33 more
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Employee Count
Employee Count
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Products & Services of SpruceID
SpruceID offers a comprehensive portfolio of products and services, including Credible, Credible Verify, and SpruceKit. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
End-to-end solutions for verifiable digital credentials provided.
Tools for verifying digital credentials using open standards.
Open-source libraries for integrating digital credential capabilities offered.
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Funding Insights of SpruceID
SpruceID has successfully raised a total of $41.63M across 3 strategic funding rounds. The most recent funding activity was a Series A round of $34 million completed in April 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 3
- Last Round Series A — $34.0M
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First Round
First Round
(01 Jun 2021)
- Investors Count 34
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Apr, 2022 | Amount | Series A - SpruceID | Valuation | a16z | |
| Nov, 2021 | Amount | Seed - SpruceID | Valuation | Electric Capital | |
| Jun, 2021 | Amount | Seed - SpruceID | Valuation | Y Combinator |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in SpruceID
SpruceID has secured backing from 34 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Coinbase, Gemini and Okta. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Venture capital investments in technology sectors are handled by Andreessen Horowitz.
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Founded Year | Domain | Location | |
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Venture capital firm focused on blockchain, metaverse, digital assets, and web3 sectors
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Founded Year | Domain | Location | |
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Robot Ventures is associated with technology or robotics.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by SpruceID
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - SpruceID
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Spruceid Comparisons
Competitors of SpruceID
SpruceID operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as CertiK, Ledger, MetaMask, Edge App and SpiderOak, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Online platform for blockchain and smart contract cybersecurity
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| domain | founded_year | HQ Location |
Ledger is recognized for providing secure cryptocurrency hardware wallets.
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| domain | founded_year | HQ Location |
Browser-based hot wallet for cryptocurrency management and transactions is provided.
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| domain | founded_year | HQ Location |
Cryptocurrencies are stored and traded via a blockchain-based mobile wallet.
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| domain | founded_year | HQ Location |
Enterprise file sharing is enabled through blockchain-based software.
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| domain | founded_year | HQ Location |
Regulatory compliance solutions for cryptocurrency businesses are offered.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Spruceid
Frequently Asked Questions about SpruceID
When was SpruceID founded?
SpruceID was founded in 2020 and raised its 1st funding round 1 year after it was founded.
Where is SpruceID located?
SpruceID is headquartered in New York, United States. It is registered at New York, New York, United States.
Is SpruceID a funded company?
SpruceID is a funded company, having raised a total of $41.63M across 3 funding rounds to date. The company's 1st funding round was a Seed of $125K, raised on Jun 01, 2021.
What does SpruceID do?
Comprehensive solutions for digital credentials are offered by SpruceID, focusing on issuance and verification of mobile drivers licenses, digital passes, and permits. Services are extended across industries such as government, healthcare, financial services, education, marketplaces, and Web3. End-to-end identity infrastructure is developed to ensure secure, privacy-first digital transformations with open standards and API-driven platforms. Support is provided for in-person and online verification processes, enhancing security and user satisfaction.
Who are the top competitors of SpruceID?
What products or services does SpruceID offer?
SpruceID offers Credible, Credible Verify, and SpruceKit.
Who are SpruceID's investors?
SpruceID has 34 investors. Key investors include Coinbase, Gemini, Okta, Protocol Labs, and OrangeDAO.