IDnow, a German-based investment startup has just received $36 million worth of investment from the American based investor, Corsair Capital.
Venture capital firms make it their goal to seek out companies with great prospects and invest in them. When major firms invest in a startup, it gets free publicity and other investors take an interest. The Munich-based Fintech start-up called IDnow has just received $36 million for a 30% stake from an American investment company, Corsair Capital.
What Does Corsair Capital’s Investment Mean For IDnow?
On Monday, IDnow announced that Corsair Capital is its newest investor. The announcement was made by the Executive Chairman of the company Felix Haas. He said that the investment will help accelerate the expansion of the company as they continue to explore technological development. This isn’t the first investment in IDnow since it was founded in 2012. Several investors, including the company’s managing director, Andreas Bodczek, have supported the growth of the company with their investments.
According to the reports, Bodczek invested at least $800,000 for 0.83% worth of shares in the company. This is just for his recent investment as he was an angel investor in the early days of the company. Bodczek has said that he believes in the future of the company and that is what drives his investments.
The investment from Corsair will be used to open branches of IDnow in the United Kingdom and France. In time, other branches will be opened across Europe. For now, the company has not made any decisions to penetrate the United States irrespective of the fact that they have investors from that part of the world.
In the last few years, Fintech start-ups have received a significant amount of money from investors with European and German investors taking the lead. Most of the major investors in these parts of the world come from the United States and the United Kingdom.