Developer-centric identity platform Auth0 today announced that it has raised a $120 million Series F round led by Salesforce Ventures. Existing financiers Bessemer Endeavor Partners, Sapphire Ventures, Meritech Capital, World Development Lab, Trinity Ventures, Telstra Ventures and K9 Ventures also took part in this round, as well as brand-new investor DTCP.
With this, the business has actually now raised a total of $330 million, including its $103 million Series E round in 2019. The company says its valuation is now 1.92 billion.
Image Credits: Auth0 Auth0’s marquee customers consist of the likes of Atlassian, AMD and Autotrader. The business, which now has 650 employees, says it grew both its profits and customer base by 70 % in 2019 which it now has”thousands of customers “who utilize the service to outsource their identity management. “Achieving a Series F round of funding is an extraordinary turning point for our company, and we might not be more grateful to our brand-new and current investors for their assistance,” stated Auth0 CEO and co-founder Eugenio Rate. “Nearly every app and service counts on safe authentication and seamless user experience. Our year-over-year growth is reflective of the consistent issue that our innovation is solving, and we are so proud to be part of our clients’ journey.”
The pledge of Auth0 (pronounced auth-zero) is that developers just require to add a few lines of code to their applications to add access to its identity management service for external users and to give their own employees access to their intranet services, too.
“Auth0 is a leader in the big, fast-growing identity management market and has actually shown remarkable growth at scale,” said John Somorjai, EVP, Corporate Development & & Salesforce Ventures at Salesforce. “Auth0’s know-how in end-to-end identity products is well-aligned with Salesforce’s Customer 360 platform. We anticipate supporting their development with this brand-new tactical financial investment from Salesforce Ventures to drive further development for consumers.”
The business states it will utilize the brand-new funding to “fuel continued innovation and go-to-market expansion” and the investors clearly think that Auth0 is in a position to record a good chunk of the identity and gain access to management market, in spite of the fact that this is a competitive area with the similarity Okta, Ping Identity, Microsoft, IBM, Oracle and others all contending for a comparable pool of customers.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.