BayBG backs IDnow

The fresh capital will be used to drive the company's European expansion. IDnow hopes to benefit from a new EU regulation for electronic signatures, eIDAS, which has been effective since July 2016. It allows identification and electronic signature services to be offered in all EU member states.

New backer Seventure usually focuses on French companies. Its last activity in Germany was in February 2016, when it backed mobile payments company Payleven.

Previous funding
BayBG backed IDnow with an undisclosed amount in July 2015.

Company
Founded in 2014 and based in Munich, IDnow develops identification and electronic signing products. Its software allows electronic identification of people as well as for contract signing via computer or smartphone. The startup claims it guarantees legal validity and data security.

People
IDnow – Sebastian Bärhold (managing director).
Seventure – Wolfgang Krause (partner).

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• Topics
• Expansion
• DACH
• Technology
• Venture
• Seventure (SPEF)
• Germany