Zamna, the blockchain-powered identity-checking startup, has raised $5m in a seed round led by venture capital firms LocalGlobe and Oxford Capital.
Other investors participating in the round included Seedcamp, the London Co-Investment fund and Telefonica, according to Techcrunch.
Zamna is leveraging blockchain technology to verify and connect passenger data sets from different airlines, governments and security agencies. This apparently reduces the time spent doing manual tests by up to 90%.
The European identity verification market is expected to grow considerably in the next few years. By 2027, it is expected to be worth $4.4bn, according to a report from ResearchAndMarkets.com. That would mean it would increase by a compound annual growth rate of 13.3% between 2018 and 2027.
The UK-based investor Oxford Capital has previously supported web data integration provider Import.io’s $15.m Series B round and InsurTech startup Wrisk’s £3m round.
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