Trulioo Raised $394M at a $100M Run Rate — and $244M of It Never Touched the Company

Nathan Latka made Steve Munford say the number twice, because the arithmetic is the whole story. Trulioo had closed a $394 million Series D, and only $150 million of it went into the company.

It was US dollars 394 million — 150 primary and the rest was secondary.

Steve Munford, CEO, Trulioo

The other $244 million bought shares that already existed. It went to the founder still in the business, to angel investors from the early rounds, and to what Munford put at “probably 40 or 50 employees” — people six and seven years in who were, in his words, “able to pay down mortgages or even pay off mortgages.” The Vancouver identity-verification company came out of it at a $1.75 billion post-money valuation, the same figure GetLatka’s funding row for that round carries.

What the tape actually says about $100 million

The headline number needs care. Asked for a run rate, Munford hedged, and the hedge is worth keeping: “I think we’re pretty public about this — we’re approaching right around 100 million dollars US.” Approaching. Latka’s own sign-off rounds it up to a flat “100 million in ARR,” and GetLatka’s database carries a $100M revenue row dated 21 November 2021 that is not flagged as an estimate. What the record supports is a company arriving at a $100M annualised run rate in late 2021 — not a completed $100 million year.

The path to it is the cleaner claim. Asked where the business had been twelve months earlier, Munford answered without pausing: $50 million. GetLatka’s 2020 revenue row says the same thing. Doubling is doubling, and both sources agree on it.

Rule of 120

Latka set up the profitability question expecting the usual answer — fast growth, no margin — and got the opposite. Trulioo was profitable.

Rule of 40 score = last-12-month growth rate + profit marginLatka’s on-air definition; the threshold is 40, and Munford claimed 120.

The breakdown he gave was about 100% growth and a margin “anywhere between five and twenty percent” — with the caveat attached: “listen, I’m rounding the numbers here, but it’s all good numbers.” That is a Rule of 40 score somewhere between 105 and 120 at a $100M annual run rate, which is the fact that makes every other decision in this interview possible.

Why a secondary instead of an IPO

Latka’s framing was that $120M to $140M of ARR is the modern entry ticket for a decent IPO, and Trulioo was close enough to ask the question. Munford did not dispute that they could have gone: “we could have done that.” He disputed that it was the right size to do it at.

We are not a company that need the money to fund operations. We’re profitable, high growth company.

The deeper argument was about alignment, and it is the most transferable thing on the tape. Founders and their investors are not exposed to the same risk:

For most founders their chips are on one company, and whereas investors they spread across you know five or ten companies — so the risk kind of appetite for an investor could be very different to a founder.

Munford’s claim is that letting a founder take money off the table lengthens the company’s horizon rather than shortening it: “it doesn’t make the founder any less hungry, it just actually means it has a longer time horizon.” He had watched it work before — the Trulioo founder took secondary in an earlier round as part of handing over the CEO seat, which is how Munford got the job. Latka added the part that generalises it, that he now sees Series A companies taking secondary too. Munford: “I completely agree.”

The funding ladder

Five rounds, $477 million, and one of them is most of it

• 2012 · Seed $2M.
• 2014 · Series A $6M.
• 2017 · Series B $20M — the year GetLatka’s revenue history records $20M.
• 2019 · Series C $55M US, which Latka put at $70M Canadian on the tape; Munford joined just after it closed.
• Dec 2021 · Series D $394M at $1.75B post-money, $150M of it primary.

Those rows sum to exactly the $477M GetLatka carries as Trulioo’s total funding, and the last round is 83% of the pile. The 2017 figure is the one place the sources drift: the database row reads $20M, Latka said on air the company “broke 25 million in revenue in 2017,” and Munford, recalling the business as he found it when the conversations started, put it at “20 or 30 million dollars.” One caution on the valuation: the pre-money figure Munford states is garbled on the recording, but the post-money he confirms — $1.75 billion — matches the database row and reconciles with $150M of new money.

Latka pushed on the multiple: $1.75B against a $100M run rate is about 17x, roughly half the 35x to 40x he said Gong, Outreach and ClickUp were commanding that season. Munford’s answer was a timing correction. He was quoting current numbers against a price set earlier — “six months on or seven months on from when we did the financing” — and at the time of pricing, “the multiples was mid 20s to 30s.”

A dollar a check, across 195 countries

The product sits in the onboarding flow. A neobank, an online trading platform, a marketplace, or a rideshare app has to confirm that a new signup is who they claim to be, and has to do it under whichever regime applies. Latka recognised it from buying a Tesla: a selfie, an algorithm, and a photo of his passport.

We do it based on per check, so every time someone comes to us with a check we charge a fee on that.

Latka tried to price it at five cents and got corrected — “it could be in the dollars depending on the country” — before settling on an average of about a dollar, sometimes two, sometimes five cents. What varies is jurisdiction and subject.

• 195 countries — “which makes it hard and makes what we do quite special,” and is the whole reason a global platform buys from a specialist rather than building it.
• Companies, not only people — the same workflow has to verify a large corporate and a sole proprietor signing up to sell goods on a platform.
• 450 customers — typically, in Munford’s description, “high growth digital first disruptors that are expanding globally.”
• A tailwind he did not build — after the pandemic, “identity became the gating factor for companies expanding and growing.”

Where the retention comes from

150–200%net dollar retention, the range Munford gave on the December 2021 tape

That range is also the profitability answer. Because pricing is consumption-based, growth arrives mostly from accounts Trulioo already has: “in any given quarter the majority of our revenue comes from existing customers.” The company lands platforms that are themselves expanding organically and geographically, and every new market its customer enters is more checks.

On the churn side of that equation Munford said gross losses were negligible, single digits — the GetLatka company row puts gross churn at 5%. Small early customers do disappear, but the survivors compound: “once they get growing as a company, then we never lose them.” That is the shape of a business where expansion outruns revenue churn by enough to fund its own growth.

The headcount numbers don’t agree

One place the tape and the database diverge. Munford said the team was “just over 300” with “about 100” engineers. GetLatka’s rows for the same week — 8 December 2021 — say 341 people, of whom 80 are engineers, alongside 53 in sales and 12 in marketing. The gap is small and both are plausible readings of a headcount that was climbing; we are noting it rather than picking one. Roughly half the staff sat in Canada, and Munford was unembarrassed about part of the reason: the SR&ED research credit is “such a good program that the government runs and runs very efficiently.”

What the rows show after the tape

The 100%-a-year cadence Munford described did not survive contact with the next year. GetLatka’s next hard revenue row, dated November 2022, reads $108.4M — about 8% above the run rate he quoted, not another double. The rows after that are flagged in the database as estimates and should be read as such: roughly $117M for 2023 and $150.6M as of October 2024. Headcount kept climbing to 405 by late 2024 before easing back to 375 in the most recent row, and the valuation on file is still the $1.75B set in that Series D. Current figures live on Trulioo’s GetLatka profile.

What the $150 million was for

Back on the tape, Latka’s last real question was what the primary money would buy. He offered the obvious answer for him — raise at 17x, buy companies at 10x, keep the spread. Munford turned it down as a reason, if not as a benefit.

I’m not looking for top line growth, I’m looking for product to extend our platform… it really is about product and the team and the tech.

Asked which category next door he wanted, he named fraud, biometrics, and the orchestration layer that sequences the steps of an identity check — areas where Trulioo already had “part of the solution” and could buy the rest of it. The logic is the same one that shaped the round: with 450 customers already onboarded and expanding, the cheapest revenue is another product sold to them.

It is a very controlled interview until the last question, when Latka asks what he wishes he had known at 20 and the 55-year-old CEO of a unicorn answers:

That my philosophy degree would have so much value.

Sources Nathan Latka’s interview with Steve Munford, CEO of Trulioo, recorded and published December 2021 (Latka’s YouTube channel); GetLatka’s Trulioo company record — funding rounds, dated revenue and headcount history, customer count and churn — with rows for 2023 and 2024 flagged in the database as estimates.