Auth0 Announces $120M in Series F Funding
Continued company growth underscores importance of identity management in digital transformation.
BELLEVUE, Wash. – July 14, 2020 – Auth0, the identity platform for development teams, today 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.
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.”
“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.”
Auth0 employs approximately 650 employees worldwide and continues to be recognized as a leading private company, with inclusion in the Forbes 2019 Cloud 100, Deloitte’s Technology Fast 500, and other notable awards.
Auth0 provides a platform to authenticate, authorize, and secure access for applications, devices, and users. Security and development teams rely on Auth0's simplicity, extensibility, and expertise to make identity work for everyone. Safeguarding more than 4.5 billion login transactions each month, Auth0 secures identities so innovators can innovate, and empowers global enterprises to deliver trusted, superior digital experiences to their customers around the world.
About Salesforce Ventures
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory, and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 400 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom, and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.
DTCP is an investment management group with $1.7 billion in assets under management and advisory from corporate and institutional investors, and a portfolio of over 60 companies. The group provides venture and growth capital, private equity, and advisory services to the technology, media, and telecommunications sectors. It operates and invests in Europe, North America, and Asia out of its Hamburg, San Francisco, Tel Aviv, and Seoul offices. To learn more about DTCP, visit dtcp.capital, www.linkedin.com/dtcp-capital, or @dtcp_capital on Twitter.