SaaS startup LoginRadius raises $1.3M in angel funding from Accelerate Fund, BDC Capital, others
LoginRadius, the flagship product of Nya Concepts Inc., a Canadian technology startup co-founded by two entrepreneurs of Indian origin Rakesh Soni and Deepak Gupta, has raised $1.3 million in angel funding. The investors in the round included Accelerate Fund, Yaletown Venture Partners, Real Ventures, BDC Capital, and other unnamed angel investors. The startup plans to invest the funds to fuel further growth.
"Our goal is to help businesses engage and understand their users by simplifying how users connect to the web. This financing gives us additional resources for rapid growth and product innovation so that we can continue to transform the way users connect to the web and mobile applications," said Rakesh Soni, co-founder and CEO, LoginRadius.
Launched in mid-2011, LoginRadius is Software as a Service (SaaS) offering that allows users to register and log into third party websites via popular OpenIDs/authentications such as Google, Facebook, Yahoo, among others. All ID providers are integrated to a client website via LoginRadius, thus enabling social login.
In layman terms, LoginRadius enables internet users to log into a website using their existing accounts on Facebook, Google, etc. without having to fill out registration forms, verifying email addresses and creating and memorise new usernames and passwords every time (a big pain point for internet users).
A recent graduate of FounderFuel, a Montreal-based startup accelerator, the company offers a number of paid monthly and yearly plans to its users. While the basic and premium plans cost $24 and $149, respectively, for a month, if taken annually, the same costs $12 and $99 on a monthly basis (when billed annually). While the basic plans enable logins for 20,000 users, the premium plan enables the same for a lakh users.
The company also offers an enterprise plan that costs $499 per month (billed annually) and offers login for a lakh and above users. First time users can also make use of a free trial plan that provides social login widget for up to 2,500 users with four ID providers, social sharing widget and community support.
As of now, LoginRadius supports more than 30 major social networks including Facebook, Google+, LinkedIn, and Twitter. According to the company, it is currently serving over a lakh businesses in 190 countries and has a reach of 15 million users on a monthly basis.
The startup competes with the likes of California-based Gigya Inc. and Portland-based Janrain Inc. (both privately held companies), among others.
(Edited by Joby Puthuparampil Johnson)