DEPO invested in Certifier
The Poland-based startup, Certifier, has just secured over $700,000 in funding from Movens Capital, FundingBox Deep Tech Fund, DEPO Ventures, and Black Pearls VC in a seed round. As part of the investment agreement, these funds have the option to double their capital commitment in the coming months. Certifier is developing a digital credential infrastructure in a SaaS model. Currently, 800 businesses and individuals rely on Certifier to store their digital certificates and badges. Their customers include Avon Canada, University of Illinois, and Oxford School District. The global market size for digital credentials software, encompassing diplomas, certificates, and badges, is estimated at $1.6 billion and is projected to surpass $6 billion by 2033. In five years, Certifier aims to be the market leader in digital credential management software.
Warsaw, October 4, 2023 – Movens Capital, FundingBox Deep Tech Fund, Black Pearls VC, and DEPO Ventures invested over $700,000 in the Polish-based startup – Certifier. The startup specializes in technology software for issuing certificates, diplomas, and digital badges. The company's new investors are geared towards long-term support for the company, and as per the investment agreement, they have the option to double the already invested amount in the coming months.
Certifier offers an innovative solution based on world-class APIs that facilitate the management of digital credentials. The system is already being used globally by higher education institutions, small and medium-sized enterprises, as well as institutions offering online education. To date, nearly 800,000 individuals have received digital credentials through the platform, with 82% of recipients actively managing their documents. In just two years since its start, Certifier, founded by Sergey Butko and Vlad Turak, has acquired over 400 business customers. Among these are brands such as Avon Canada, University of Illinois, and Oxford School District.
– Digitization doesn't mean that the desire for recognition will disappear. Recognition remains a fundamental aspect of global culture. People have always cherished being acknowledged for their hard work. In the past, this acknowledgment often came in the form of medals for wartime contributions. Today, it also includes certificates for skills or achievements, even in online games. This domain is experiencing a significant transformation as we transition from physical to digital documents, and Certifier aims to be at the forefront of this change – says Sergey Butko, co-founder and CEO of Certifier.
From Military Medals to Digital Certificates
According to research by Future Market Insights, the global digital credential market is estimated at $1.6 billion (2023) and is projected to surpass $6 billion by 2033, with a CAGR of 14.8% from 2023-2033. The demand for appropriate software – ensuring a high level of security, confidentiality, and credibility of certificates – is steadily increasing. Many companies now require automation and transparency in the processes of validating certificates, diplomas, badges, and various awards.
– Certifier perfectly aligns with our vision of the future of education, where credible, fast, and digital verification of specific competencies will become increasingly important. This requires a platform that automates this process for companies and employees and, through APIs, allows easy data exchange with external systems. The demand for such a solution, as well as the team's competence in building a company in a Product-Led-Growth model, is confirmed by Certifier's rapidly growing revenues, with over 80% coming from the UK, US, and Canada. It's worth noting that the company achieved this with exceptionally low investments – which is more important today than ever before. Investing, we firmly believe that the company's founders, Sergey and Vlad, as experienced entrepreneurs, have the potential to redefine this category on a global scale – highlights Artur Banach, partner at Movens Capital.
Digital Accreditation at Scale
Certifier helps companies to handle all stages of the certification process, such as creating documents, managing the process, distribution, analysis, and hosting the created documents. What sets this Polish startup apart from its competitors is its focus on non-touch sales via building network effects. Certifier tailors its solution to meet the needs of small and medium-sized companies, without being limited to large enterprises only.
– Now over 400 companies are our customers, but we are still a very young company. That's why we plan to invest most of our resources in product development over the next two years. Moreover, we aim to build a company with a global brand that operates from Europe and leverages the advantages of our region – emphasizes Vlad Turak, co-founder and CTO of Certifier
The Future of Certificate Digitization in the Hands of a European Company
Despite their young age, this isn't the first project of the Ukrainian founders. Before launching Certifier, Vlad Turak founded one of the most popular educational portals in Ukraine for schoolchildren, attracting over 1 million visitors monthly. Meanwhile, Sergey Butko co-founded the startup CallPage and served as its CMO. CallPage secured $4.5 million in funding and was acquired by the US tech company in 2021.
Since founding in 2021, Certifier has been backed by business angels and the Black Pearls VC, which also made a follow-on investment in the current round. The funds raised from new investors are intended to provide strategic support. The Certifier team plans to invest in product development and build an API-first platform to meet the needs of more demanding organizations and tech companies.
- Digitalization is a clear trend, and this niche, while still a sizable market, remains untapped. Yet, it is inevitable to credibly digitize this industry, and Certifier has all the prerequisites for it - a strong value proposition for businesses and a highly experienced team from the field. Moreover, the business model facilitates rapid and easy scaling, which the team has confirmed, as their current growth is even higher than their initial predictions when we first started discussing it - says Jan Krahulik, Partner of DEPO funds.