- In a new series of funding, identity platform Auth0 secured 0m in a Series F round.
- Having entered the unicorn status in May 2019, the new funding round will take its valuation to .92bn.
- The firm will use the investment in boosting its market reach and expand to various other countries.
Identity platform Auth0 today revealed it has raised a massive Series F round worth $120m. Adding this round, the startup has now raised a total of $330m, with its valuation reaching $1.92 bn.
The latest round was led by Salesforce Ventures with money injected by new investor DTCP as well as existing investors Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures, and K9 Ventures.
The firm intends to use the investment for further innovating its product as well as boost its “go-to-market expansion.” Furthermore, it will bolster its aim to cater to the escalating global demand “for a simple, extensible identity platform that provides secure access to any application,” it said.
Auth0 which provides authentication-as-a-service to corporate customers enables them to authenticate the identity of employees using a secure login system. By using this secure corporate network, businesses can potentially prevent data breaches from unauthorized logins.
The series F round comes approximately one year after it raised a Series E worth $103m which helped it achieve the unicorn status. The firm has since seen rising revenues despite facing challenges including that of the ongoing Coronavirus pandemic. In 2019 alone, it saw a growth rate of 70% which continued through Q2 of 2020.
Investors impressed with Auth0’s identity and access management platform
Boasting of clients in the likes of Atlassian, AMD, and Autotrader, the company employs 650 people and – with its ongoing continuous increase in customers – it’s set to up the number.
Commenting on the new funding round EVP, Corporate Development & Salesforce Ventures at Salesforce John Somorjai said: “Auth0 is a leader in the large, fast-growing identity management market and has shown tremendous growth at scale.
“Auth0’s expertise in end-to-end identity products is well-aligned with Salesforce’s Customer 360 platform.”
Echoing a similar sentiment, partner and head of venture capital at DTCP Jack Young said:
“Now, more than ever, safeguarding user access on all devices and connections is of paramount importance.
“Auth0 has positioned itself as a leader in Identity-as-a-Service and has gained the trust of application developers with its flexible, drop-in user identity management solution. We will use our European roots and strategic global network to help the Auth0 team continue along its growth track.”
The startup is indeed bullish about future prospects. As Auth0’s CEO and co-founder Eugenio Pace put it: “Achieving a Series F round of funding is an incredible milestone for our company, and we could not be more grateful to our new and existing investors for their support.
“Nearly every app and service relies on secure authentication and seamless user experience. Our year-over-year growth is reflective of the persistent problem that our technology is solving, and we are so proud to be part of our customers’ journey,” he added.
Given how data breach is one of the biggest risks facing companies, it’s easy to see how more businesses will use Auth0’s services going forward.