Identity Tech Startup Auth0 Nets $120M, Eyes Global Expansion


Unicorn tech startup Auth0, provider of digital identity management solutions has secured $120 million in Series F funding. The latest capital infusion takes the company’s valuation to $1.92 billion, and will give it the much-needed momentum to grab market share from rivals Okta, SailPoint, and Duo Security.

Identity-as-a-service provider Auth0 has bagged $120 million in the Series FOpens a new window funding round led by Salesforce Ventures. The Bellevue-headquartered startup said the fresh capital will be used to fuel go-to-market activities and deepen product capabilities. The startup founded in 2013 clinched the unicorn status in 2019 after it grabbed $103 million in a funding round that pushed its valuation past $1 billion.

With people becoming the new perimeter in security, IAM has become the top priority for CISOs. Speaking to ToolboxOpens a new window , Ben Goodman, CISSP & SVP, Global Business and Corporate Development, ForgeRock shared though budgets are being slashed, ITDMs will dial up IAM initiatives.

Global demand for an identity platformOpens a new window continues to rise, especially now with broad-scale digital transformation efforts expedited by COVID-19. The identity-as-a-service market is forecasted to reach $10 billionOpens a new window at a CAGR of 23%Opens a new window .

A spokesperson from Auth0 revealed that the Auth0 identity managementOpens a new window service is used by thousands of customers to secure digital identities. Eugenio Pace, CEO and Co-Founder of Auth0 said, “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 grew by 70% in 2019.

Learn More: IAM: Choosing an Identity & Access Management (IAM) Solution? Top 10 Questions to AskOpens a new window

John Somorjai, EVP, Corporate Development & Salesforce Ventures at Salesforce said, “Auth0 is a leader in the large, fast-growing identity management market and has shown tremendous growth at scale. 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.”

Companies are progressively adopting cloud-based technologies and have stepped up funding on cloud infrastructure to support remote workforce. As a result, organizations need to put in security and e-governance controls for secure logins to enterprise tools. Auth0 identity management platform provides two-factor authentication, password breach detection, single sign-on, passwordlessOpens a new window and universal login. These capabilities are key to ensure secure accessOpens a new window to digital tools. Jack Young, Partner and Head of Venture Capital at DTCP said, “Now, more than ever, safeguarding user access on all devices and connections is of paramount importance.”

“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,” Young added, in closing.

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