Identity platform Auth0 raises $120M Series F funding round at $1.92B valuation – ProWellTech
The developer-centric identity platform Auth0 announced today that it has collected a $ 120 million F-series led by Salesforce Ventures. Existing investors Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures and K9 Ventures, as well as the new DTCP investor, also participated in this round.
With this, the company has now raised a total of $ 330 million, including its $ 103 million E round in 2019. The company claims that its valuation is now 1.92 billion.
Auth0 of marquee customers include the likes of Atlassian, AMD and Autotrader. The company, which now has 650 employees, claims to have increased both revenues and customer base by 70% in 2019 and that it now has “thousands of customers” using the service to outsource their identity management.
“Achieving a round of F Series funding is an incredible milestone for our company and we couldn’t be more grateful to our new and existing investors for their support,” said Auth0 CEO and co-founder Eugenio Pace. “Almost every app and service is based on secure authentication and uninterrupted user experience. Our year-on-year growth reflects the persistent problem that our technology is solving and we are so proud to be part of our customers’ journey.”
Auth0’s promise (pronounced auth-zero) is that developers only need to add a few lines of code to their applications to add access to its identity management service for external users and to allow their employees to also access the their intranet services.
“Auth0 is a leader in the rapidly growing identity management market and has shown tremendous growth on a large scale,” said John Somorjai, EVP, Corporate Development & Salesforce Ventures at Salesforce. “Auth0’s experience in end-to-end identity products is perfectly aligned with the Salesforce Customer 360 platform. We are looking forward to supporting their growth with this new Salesforce Ventures strategic investment to promote further innovation for customers. “
The company says it will use the new funding to “fuel continuous innovation and market expansion” and investors clearly believe that Auth0 is able to capture a good portion of the identity and access management market, despite the fact that this is a competitive space with the likes of Okta, Ping Identity, Microsoft, IBM, Oracle and others vying for a similar customer pool.