The startup was created in response to the growing problem of wire fraud in the real estate industry, which saw more than 13,000 victims and losses of over $213 million in 2020 alone, a 380% increase since 2017. CertifID's platform is designed to protect home buyers, home sellers, and real estate businesses from this form of cybercrime. The company claims to have several hundred customers and partnerships with federal law enforcement to support fraud recovery efforts. To date, CertifID has raised over $40 million in a mix of equity and debt.
Key takeaways:
- CertifID, a startup that develops fraud prevention technology for the real estate market, has raised $20 million in a funding round led by Arthur Ventures.
- The company was founded in 2017 by Thomas Cronkright, who had previously lost $180,000 to fraud at his real estate title agency.
- CertifID's platform is designed to protect home buyers, home sellers, and real estate businesses from wire fraud, a form of cybercrime that has seen a significant increase in recent years.
- With the new funding, CertifID plans to support ongoing product development and scale operations to meet demand for its products. The company has raised over $40 million to date.