Deals

TrustedID raises $10M for credit fraud protection, though unclear how popular it is

TrustedID, a service that freezes your credit reports, so that fraudsters can’t open financial accounts under your name, has raised $10 million in a second round of funding after a prolonged period of looking.

However, the company has still not released any specifics about how it is doing. Co-founder Chief executive Scott Mitic has declined to say how many subscribers the company has, raising questions about how much traction the company has been able to get.

Opus Capital, a Silicon Valley venture capital firm, led the funding with existing investor Draper Fisher Jurvetson.

In March, we reported the company was going through some changes as it looked for capital. Co-founder Omar Ahmad, former CIO for Napster, stepped down as president.

The Redwood City, Calif. has also increased its prices. It now charges $12.95 a month or $109.95 per year, up from the original $8 a month. The company is different in that it offers preemptive protection against identity theft (most other companies offer you services after you’ve already experienced fraud). Trouble is, most people don’t think about getting protection beforehand. Ahmad launched the company, he told us at the time, because his brother-in-law was a victim of ID theft. As reported, the company received $5 million in funding from DFJ a year and a half ago.