Continued company growth underscores importance of identity management in digital transformation
Auth0, the identity platform for development teams, announced it has closed a $120 million round of Series F funding, which brings Auth0’s valuation to $1.92 billion and total capital raised to more than $330 million. The funds will help fuel continued innovation and go-to-market expansion, responding to global demand for a simple, extensible identity platform that provides secure access to any application.
Led by Salesforce Ventures, 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.
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Auth0’s Series F round comes a little more than a year after the close of its $103 million Series E funding last May, which launched the company into ‘unicorn’ status. After growing 70% in 2019, Auth0’s rapid growth has continued through Q2 2020 despite the uncertainty of the current global economic environment.
Auth0 continues to quickly expand its customer base, underscoring that identity management plays a critical role in digital transformation and in enabling access to customer applications. Thousands of customers outsource their identity management to Auth0 to help offload the burden of maintaining complex systems and enjoy faster time-to-market and frictionless end-user experiences.
“Auth0 is a leader in the large, fast-growing identity management market and has shown tremendous growth at scale,” said John Somorjai, EVP, Corporate Development & Salesforce Ventures at Salesforce. “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.”
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“Now, more than ever, safeguarding user access on all devices and connections is of paramount importance,” said Jack Young, partner and head of venture capital at DTCP. “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.”
“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,” said Eugenio Pace, CEO, and co-founder of Auth0. “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.”
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