- GeoComply’s solutions have been approved by dozens of regulators and installed on more than 400 million devices, analyzing over 10 billion transactions a year
- The funds raised will be used to support the company’s continued growth in core markets and help accelerate its expansion into financial services and media rights management
- In 2021, GeoComply secured an investment from Blackstone Growth
GeoComply Solutions, a Vancouver-based provider of geolocation compliance, fraud prevention and cybersecurity solutions, has secured investments from Norwest Venture Partners and Arctos Sports Partners. No financial terms were disclosed.
Founded in 2011, GeoComply offers fraud prevention and cybersecurity solutions that detect location fraud and help verify a user’s true digital identity. Its solutions have been approved by dozens of regulators and installed on more than 400 million devices, analyzing over 10 billion transactions a year.
The funds raised will be used to support the company’s continued growth in core markets and help accelerate its expansion into financial services and media rights management.
In 2021, GeoComply secured an investment from Blackstone Growth.
“In a time when society has serious questions about the security of the internet, our technology is focused on restoring digital trust. 18 months after bringing on Blackstone as our first institutional investor, we’re very excited to be working with Norwest and Arctos. With their added support we will take our Ground Truth Geolocation platform into broader technology markets, so these industries can also receive the level of reliability and credibility GeoComply has consistently delivered to our core regulated internet gaming and sports betting clients.” said Anna Sainsbury, co-founder and CEO, in a statement.
“GeoComply reflects Norwest’s continued focus on investing in businesses that help companies ensure mission critical compliance with regulations, manage risk, and avoid costly penalties,” said Jon Kossow, managing partner at Norwest, in a statement. “Anna and David have built an impressive, profitable business serving the gaming and sports betting market, and we look forward to partnering with them as GeoComply expands into financial services, crypto and other verticals.”
Based in Palo Alto, California, Norwest is a global, multi-stage venture and growth equity investment firm. It manages more than $12.5 billion in capital and has funded more than 650 companies since inception.
Based in Dallas, Arctos is a private investment firm that provides growth capital and liquidity solutions to professional sports franchise owners in North American leagues and global sports organizations. It also backs technology and services companies working within the sports ecosystem.