Identity platform Auth0 has raised $120 million in its Series F round, bumping its valuation up to $1.92 billion.
Auth0 works to verify whether a user is a real user or not by offering universal login, single sign-on, multifactor authentication and use management functions, among other features. As CEO Eugenio Pace put it, anytime a user enters their username and password, or signs into an application with Facebook, they are potentially using Auth0.
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“Everybody needs that functionality,” Pace said in an interview with Crunchbase News. “We do it better, we do it faster.”
In the past, a digital presence was more of a “nice to have” for some businesses, Pace said. But with the COVID-19 pandemic, every company has to consider its digital operations.
“This situation we are in today, every company is rethinking how they interact with their customers,” Pace said. “So there’s more and more websites, there’s more and more mobile applications. People are moving everything to being digital.”
With the new funding, Auth0 will grow its global presence, Pace said. The company plans to expand in areas including central Europe, the Nordics and Southeast Asia.
The company saw 70 percent year-over-year growth last year, Pace said, and plans to grow upwards of 50 percent this year. Auth0 has about 10,000 paying customers and nearly 20,000 who use the platform for free.
The round was led by Salesforce Ventures with participation from new investor DTCP and existing investors Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, Trinity Ventures, World Innovation Lab, Telstra Ventures and K9 Ventures.
Auth0 last raised money with its $103 million Series E round in May 2019, according to Crunchbase. The new round brings the company’s total funding to more than $330 million.
The company, which is based in Bellevue, Washington, has around 700 employees in offices in London, Sydney, Singapore, Buenos Aires and Tokyo.
Illustration: Li-Anne Dias
Disclosure: Salesforce Ventures, an investor in Auth0, is also an investor in Crunchbase, the parent company of Crunchbase News. Crunchbase’s investors are listed as part of its Crunchbase profile. For more about Crunchbase News’ editorial policies on disclosure, see the News team’s About page.