- Auth0 — the identity platform for development teams — announced that it has closed $120 million in Series F funding. This funding round brings the company’s valuation to $1.92 billion.
Auth0 — the identity platform for development teams — announced that it has closed $120 million in Series F funding. This funding round brings Auth0’s valuation to $1.92 billion and total capital raised to over $330 million.
How does Auth0 work? Auth0 provides a platform to authenticate, authorize, and secure access for applications, devices, and users. And security and development teams tap into Auth0’s simplicity, extensibility, and expertise to make identity work for everyone. The company safeguards over 4.5 billion login transactions each month.
This round of funding was led by Salesforce Ventures. And the round included another new investor DTCP as well as participation by existing investors Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures, and K9 Ventures.
And the funds will be used to help fuel continued innovation and go-to-market expansion, responding to global demand for an extensible identity platform that provides secure access to any application.
Auth0’s Series F round of funding comes a little more than a year after the close of its $103 million Series E funding in May — which launched the company into unicorn status. And after growing 70% in 2019, Auth0’s rapid growth continued into Q2 2020. Plus Auth0 is continuing to quickly expand its customer base, which validates that identity management plays an essential role in digital transformation and in enabling access to customer applications. There are thousands of customers that outsource their identity management to Auth0 to help offload the processes of maintaining complex systems.
Key Quotes:
“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.”
— Eugenio Pace, CEO and co-founder of Auth0
“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. We look forward to supporting their growth with this new strategic investment from Salesforce Ventures to drive further innovation for customers.”
— John Somorjai, EVP of Corporate Development & Salesforce Ventures at Salesforce
“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.”
— Jack J. Young, partner and head of venture capital at DTCP
