Digital identity management firm Auth0 raises $120m
On Tuesday (14 July), Washington-based digital identity start-up Auth0 announced that it has raised $120m in Series F funding, bringing the total raised by the company to more than $330m to date. The firm’s valuation is now $1.92bn.
The latest funding round was led by Salesforce Ventures, with participation from DTCP, Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures and K9 Ventures.
Auth0 closed a $103m Series E round in May 2019, which helped the company achieve unicorn status. At present, it counts Siemens, Atlassian, AMD and Mazda among its customers.
According to the company, its identity management platform can be added to existing applications by simply adding a few lines of code. Auth0’s solution handles 4.5bn login transactions each month.
Auth0, which was founded by Eugenio Pace and Matias Woloski in 2013, said the latest batch of funding will fuel continued innovation and go-to-market expansion.
The firm said that it has continued to expand its customer base, which highlights the demand for identity management tools as companies engage with digital transformation. It added that thousands of customers are outsourcing their identity management to Auth0 to offload the burden of maintaining complex systems.
John Somorjai, executive vice-president of corporate development and Salesforce Ventures at Salesforce, described Auth0 as a “leader” in the fast-growing identity management market.
“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,” he said.
Pace, who serves as CEO of Auth0, added: “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.”