finance news

Series F Funding of USD 120M accumulated by Identity Platform Auth0

Series F Funding of USD 120M accumulated by Identity Platform Auth0
Series F Funding of USD 120M accumulated by Identity Platform Auth0

In a recent turn of events, Washington headquartered Auth0 raised a funding of USD 120 million in Series F round led by Salesforce Ventures. The company is known to provide developer-centric identity platform.

Sources familiar with the transaction claim that the funding round witnessed participation from existing investors like K9 Ventures, Telstra Ventures, Trinity Ventures, World Innovation Lab, Meritech Capital, Sapphire Ventures, and Bessemer Venture Partners, alongside new investor DTCP.

As per the trusted sources, with Series E funding of USD 103 million in 2019, the company has raised USD 133 million in total while the overall valuation of Auth0 is pegged at USD 1.92 billion. With 650 employees and marquee customers like AMD, Autotrader, and Atlassian, Auth0 claims that they witnessed 70 percent growth in revenues and customer base in 2019. They further stated that they now have thousands of customers who use outsourcing services for identity management.

Eugenio Pace, Co-founder & CEO, Auth0, was reportedly quoted stating that Series F funding round was a significant milestone achievement for the company and that they were grateful to new and existing investors for their support.

Reportedly, Auth0 provides a platform to developers where to the need to make slight modifications to their application code to enable external users to access identity management service and provide intranet services to their own employees.

Meanwhile, EVP at Salesforce, John Somorjai, stated that Auth0 holds expertise in end-to-end identity products and boasts of a leading position in the market. Its products are well-aligned with Salesforce’s Customer 360 platform and hence, the company is looking forward to work with Auth0 to propel innovations for customers, he added.

Post the announcement, industry experts speculate that Auth0 will capture majority share of identity and access management market with its continued innovation and expansion strategies.

 

Source: https://techcrunch.com/2020/07/14/identity-platform-auth0-raises-120m-series-f-round-at-1-92b-valuation/

About the author

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.