We’ve all done it⎯registered for a website by linking to one of our social media accounts. With the click of a button, we’re instantly logged in – and we don’t even need to remember our username or password. The company behind this brilliant idea is LoginRadius, a business with Edmonton roots that simplifies the login process.
It all started in 2012 when founders Rakesh Soni and Deepak Gupta tried launching a different start-up idea. Despite attracting a significant amount of website visitors, they noticed very few visitors converted to paying customers. They were stumped. It turns out that users weren’t willing to spend a few minutes filling out the sign up form⎯and they weren’t the only business facing that problem.
In late 2012, Rakesh and Deepak reached out to TEC Edmonton for one-on-one coaching to grow their idea. With extensive software expertise, executive in residence Shaheel Hooda took an early interest in the company and started supporting the founders through:
- Business model development
- Hiring strategies
- Funding opportunities (IRAP, Alberta Innovates, & A100)
- Finding office space
After only a few months, the company fast tracked its growth:
LoginRadius is accepted into Founders Fuel Accelerator in Montreal and raises initial seed funding from Alberta Angel Investors. Additionally, BDC Venture Capital, Accelerate Fund, Yaletown Partners & Real Ventures invest. The company moves from a two-desk office to a 3,000 sq. ft. space in TEC Centre and grows to ~35 people while opening offices in India & California
They open corporate headquarters in Vancouver and is named “Top Customer Identity and Access Management (cIAM) Vendor” by Gartner and Forrester Research
LoginRadius opens offices in London, UK and Sydney, Australia and becomes profitable
The company raises $17 million in Series A Funding from ForgePoint and Microsoft
To date, Rakesh and Deepak raised nearly $20 million through multiple financing rounds and have customers in over 180 countries. With tens of millions of daily end users, some of the biggest enterprises in the world rely on LoginRadius to power their login process.
So what can we expect to see next from this promising company? The founders plan to double their team in the next 12 months and multiply the value of their company 5+ times from current valuation.
Our experts at TEC Edmonton can help you find financing, too. Connect with us!