Developer-centric identity platform Auth0 today announced that it has raised a $ 120 million Series F round led by Salesforce Ventures. Existing investors Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures and K9 Ventures also participated in this round, as well as new investor DTCP.
With this, the company has 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.
Auth0’s marquee customers include the likes of Atlassian, AMD and Autotrader. The company, which now has 650 employees, says it grew both its revenue and customer base by 70% in 2019 and that it now has “thousands of customers” who use the service to outsource their identity management.
“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 Auth0 CEO and co-founder Eugenio Pace. “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.”
The promise of Auth0 (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 give their own employees access to their intranet services, too.
“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.”
The company says it will use the new funding to “fuel continued innovation and go-to-market expansion” and the investors clearly believe that Auth0 is in a position to capture a good chunk 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 all vying for a similar pool of customers.