Venture

Auth0 Raises $103M, Becomes Unicorn

Auth0, which helps companies manage and secure digital identities through services like multifactor authentication and password detection, said today it has raised $103 million in a Series E round led by Sapphire Venture Partners (SVP). Bessemer Venture Partners, K9 Ventures, Trinity Ventures, Meritech Capital, and World Innovation Lab also participated in the round, which brings the company’s total funding to $210 million since it was founded in 2013.

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Bellevue, Washington-based Auth0 describes itself as an “Identity-as-a-Service (IdaaS)” company that helps its users’ customers, devices, business partners and employees with secure identity management. The demand for streamlining security appears to be there: Auth0’s Jeana Tahnk said in a blog post that the startup currently has 7,000 customers worldwide and more than 2.5 billion logins per month.

Auth0 has been growing in recent years, noting that it doubled customer growth and revenue year-over-year. The company has also added 316 jobs in the last two years, bringing its total current headcount to 475. CIO reports that Auth0 recently tripled its Sydney, Australia, headcount, after seeing “remarkable” growth across Australia and New Zealand.

The graph below shows known funding rounds by the security company.

The new capital will be used to help the company continue to expand globally and comes on the heels of recent expansions of its five offices in Bellevue, Buenos Aires, London, Sydney, and Tokyo.

SVP, which also led Auth0’s Series D, has invested in companies like 23andme, Square, Localytics and LinkedIn. It says that 20 of its portfolio companies have gone public, and some reports claim that Auth0 is on track to do the same.

Illustration: Li-Anne Dias.

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