Stripe for ID verification: Investors bet on new Madrona Venture Labs accelerator startup Vouched

Stripe for ID verification: Investors bet on new Madrona Venture Labs accelerator startup Vouched

9:35am, 12th April, 2019
Vouched CEO John Baird. (Vouched Photo) , a Seattle startup using AI to verify people’s identities online, has joined the accelerator. The 3-month accelerator program in a bid by VC firm Madrona Venture Group to lure talent from tech giants. It is focused on established teams and offers startups coaching and connections to investors. Vouched uses AI to review documents in order to help companies verify the identity of its customers, clients and contractors. Those documents could be anything from passports and driver’s licenses to proofs of address and insurance. The idea is to turn a manual process requiring lots of time and staff into an automated one. “We’re working behind the scenes to verify people on sites you might use every day. You might have already used Vouched and don’t even know it,” Vouched CEO said in an email. Vouched has raised $700,000 to date. In addition to a $100,000 investment Madrona Venture Labs, Vouched’s other investors include Zulily co-founder , New Engen CEO , investor , Bulletproof 360 VP , Revolve CFO , and , CEO of EMEA at Footlocker. Baird said Vouched aims to do for ID verification what services like Stripe have done for online payments, with a focus on ease of use, affordability, accuracy and scale. Vouched is incorporated under the name Woolly Labs. Baird founded the company with , who serves as chief product and technology officer. is the startup’s head of AI research. “Increasingly, companies never meet their customers, clients, or even employees,” Baird said. “How do you know, for example, that a gig economy worker has the legally required credentials to work in their industry?” Baird declined to share the names of customers, but said that Vouched works with “companies in sectors such as the gig and sharing economy, telemedicine, transportation, and enterprise software.” This is the second company to join Madrona’s accelerator. The first was , a software startup that helps speed up clinical trials, which graduated in January and was a . The Madrona Venture Labs accelerator is currently . The program is run by managing directors and out of , the “founder center” that opened beneath Madrona Venture Group last year.
U2’s Bono and The Edge revealed as investors in Convoy on-demand trucking tech startup

U2’s Bono and The Edge revealed as investors in Convoy on-demand trucking tech startup

6:00am, 8th May, 2018
U2’s Bono and The Edge in concert Friday night on the 2018 Experience + Innocence Tourin St. Louis. (Photo by Remy, via , ) Seattle-based on-demand trucking technology startup Convoy already counts several rock stars of the tech world among its investors — including Microsoft co-founder Bill Gates, LinkedIn co-founder Reid Hoffman, Salesforce CEO Marc Benioff and Amazon CEO Jeff Bezos. Turns out some actual rock stars have invested, as well. Convoy that U2’s Bono and The Edge quietly invested in the company last year. Convoy declined to disclose the amount of the investment. The U2 frontman and guitarist were introduced to the company by Hadi Partovi, a Convoy board member, investor and CEO of Code.org. The news coincides with the recent start of U2’s “Bono and The Edge know more about trucking than you might think. They’ve spent most of their adult lives touring the world with U2, and trucks are an essential part of moving the show from city to city,” said Convoy CEO and co-founder Dan Lewis in . “When they heard about Convoy, they loved that we are using technology to empower millions of truckers to grow their businesses while at the same time reducing empty miles and waste.” Convoy co-founders Dan Lewis, CEO, and Grant Goodale, CTO, inside the company’s Seattle headquarters. (GeekWire Photo / Taylor Soper) The company has been described as the “Uber for trucking,” using technology to connect truck drivers with excess capacity to shippers looking to move freight — including Fortune 500 companies — automating traditionally a slow and time-intensive process. Convoy works with 15,000 trucking companies and 100,000 truck drivers, and has grown to 225 employees. Bono and The Edge are no strangers to technology investing, from to cloud storage giant Dropbox. Partovi and his brother, Ali, who met Bono and The Edge through their previous startup iLike, also , as well. Convoy raised $62 million in a Series B round last year, led by , the investment arm of Silicon Valley-based accelerator Y Combinator. The investment by Bono and The Edge was not part of that round. Total funding in the company now tops $80 million. Convoy was named and is , set for Thursday night in Seattle.