Blockchain Startup Spring Labs Raises $15 Million In VC Four Months After Its Founding

▤ Summary

Spring Labs, a Los Angeles startup that aims to help financial institutions with identity verification, raised $14.75 million in early-stage investment. “Spring Labs is pursuing a potentially huge market,” a spokesperson says, adding that it’s building technology “that requires a world-class engineering team.” August Capital general partner Eric Carlborg says the founding team’s experience drove his confidence more than any other factor. He then started investing in financial services companies like Avant, an online lender that targets middle-income consumers and has been valued at over $1 billion. Today, when consumers apply for loans, companies must verify their identity through a series of “manual, repetitive processes,” Jiwan says, such as buying and analyzing reports from credit bureaus. Over time, as more institutions join, Jiwan says he’ll open it up as a public blockchain, allowing individuals to share credit data about themselves and gain more control over their identity profiles, such as being able to flag inaccuracies.

$ Funding

▦ Linked Companies

Civic

$1M to $5M