Portfolio Spotlight: CertifyIt
CertifyIt, one of Chasing Rainbows’ first investments, is a mission-driven company that aims to protect media consumers, and democracy at large, from fake news, images, and data. In a world of increasing technological capabilities, especially through AI, CertifyIt helps consumers decipher the truth from the false through a secure video sourcing and sharing app (now available in the App Store)!
After launching an MVP in November 2019, CertifyIT raised a Pre-Seed round of $760k, and focused on surveying customer segments to assess demand across news, travel, and remote verification use cases, gaining press, and working toward pilot deals with big media players, such as CNN and Marriott. In 2023, CertifyIt plans to continue raising awareness for its service through market outreach and continuing to pursue partnerships with major news outlets.
How it Works
Investment Consideration
CertifyIt fits well into Chasing Rainbow’s Investment Thesis of investing in talented LGBTQ+ founders, who are pushing the boundaries of innovation and looking to create impact in their respective spaces.
Problem-Solution Fit: In a world of increasing amounts of fake news, consumers and democracy at large are demanding protection and capabilities to sift through falsities.
Founder: Peter Sisson is a phenomenal founder with multiple exits and experience, which provides him with a far-reaching network. His ability to observe the major issue of fake news spreading demonstrates his intelligence and potential for continued success.
Tailwinds:
Economic losses in media, business, healthcare, politics, and finance of around $739B/year in 2021 prove that this issue is widespread, reaching across industries and functions, and thus demands attention from any regular media consumers (https://certifyit.org/).
The fraud detection and identity verification market was about $50B in 2021, with an approximately 20% CAGR.
Partnerships: Successful execution of relationships with CNN and Marriott, with plans to work with other major media outlets (PBS, FOX, NBC, Tripadvidor, eBay, etc.) demonstrate CertifyIt’s potential and eagerness for constant growth.
IDEA of Product (Inclusion, Diversity, Equity, and Access): CertifyIt is marketed as a company that is on the consumer’s side by reinforcing the consumer’s security by filtering media feed for “fake news”; the subscription plan emphasizes the accessibility of the app for all interested users.
Connect with CEO Peter Sisson!
Finally, CertifyIt is currently hiring! Please feel free to get in touch with CEO Peter Sisson here, or by contacting him directly at his email (peter@certifyit.org), in order to learn more about opportunities and the company in general!