Digital identity startup Yoti raises additional £8M at a valuation of £82M
Yoti, the London startup offering a digital identity platform and app that lets you prove who you say you are when accessing services or making age verified purchases, has raised £8 million in additional funding.
Backing the round is unnamed private investors, Yoti employees, and Robin Tombs, the startup’s co-founder and CEO, who previously founded and exited online gambling company Gamesys. I’m told that the startup has had around £65 million in investment in total since being founded in 2014, the majority of which has been made by Tombs and another Yoti co-founder, Noel Hayden.
Noteworthy, Yoti says the injection of capital comes with a new valuation of £82 million, up from £40 million when Yoti raised £8 million about a year and a half ago. The caveat being, of course, that Tombs and Hayden have effectively helped to set that valuation from both sides of the table.
“The current identity system is broken, outdated and insecure; we still have to show physical identity documents simply to prove who we are,” says Tombs, explaining the problem Yoti has set out to solve. “But this results in us sharing an excessive amount of personal information, putting us at risk of identity