Okta raises $70 million in funding

Posted Jun 9, 2014

Cloud software company Okta has raised $70 million in funding. Okta enables companies to manage login identities across multiple services. This round of funding was led by Sequoia Capital’s Growth fund. Okta’s valuation is now close to $600 million. The deal is expected to be officially announced on Wednesday. This would be the third time that Sequoia led an investment in Okta. Other investors in Okta include Andreessen Horowitz, Greylock Partners, Khosla Ventures and Floodgate.

There are over 1,000 businesses that work with Okta for managing identity layers, which are the user names, passwords, and other credentials to access services like Salesforce.com, PeopleSoft, Workday, and Marketo. Some of Okta’s customers include Western Union, MGM Resorts, and LinkedIn.