Auth0 receives US$30 MM in a series C financial round
Auth0, an Identity as a Service platform and part of the NXTP investment portfolio, has raised $30 million in a Series C round led by late-stage investor Meritech Capital Partners.
The company will use the funds to further expand its geographic footprint and to accelerate the growth of its identity platform with an increased subscriber and talent acquisition focus.
Identity has become even more mission critical as businesses become increasingly digital. In our dozens of calls with customers, it was clear that Auth0’s value proposition is resonating in the market. Developers can leverage Auth0’s extensible and easy to integrate identity platform and free up their cycles to work on the core application,” said George Bischof, Managing Director at Meritech Capital Partners. ”Auth0 subscriber adoption is exponentially expanding and we are excited to support their rapid growth.
The company has also announced that George Bischof, Managing Director at Meritech Capital Partners, has joined Auth0’s Board of Directors. All existing major investors also participated in the Series C round, including Bessemer Venture Partners, Trinity Ventures, and K9 Ventures. NTT DOCOMO Ventures, Japan’s largest mobile carrier, and Telstra Ventures, the venture capital arm of Australia’s largest mobile carrier, participated as well, endorsing the easy-to-integrate enterprise scale platform that secures billions of logins every year.
The investment comes as Auth0 saw revenue increase by nearly 3x year-over-year, as the company added 1250 new companies to its worldwide subscriber base across multiple industries. New customers include Atlassian (SaaS), News Corp (Media) and Houghton Mifflin Harcourt (Publishing). The company has also opened an office in London to serve the EMEA region, announced that it will open an office in Sydney, doubled employee headcount, and launched the Auth0 Extend product line, a new Serverless extensibility platform.
At this time of constant threats and data breaches, modern enterprises require the strongest possible identity solution. Furthermore, in these new times, companies are racing to bring new products to market and facing both intense pressure to grow revenue and customers as well as fierce competition. They need to consolidate all their identity needs in one single end-to-end platform that works out of the box and can be easily extended to support all applications and use cases,” said Jon Gelsey, Auth0 CEO. “We are honored by the confidence placed in us by our investors, as well as by the trust displayed by our subscriber base as we seek to accelerate their business goals. Our subscribers are among the most sophisticated enterprises in the world, and they continually drive and inspire us to create an even better set of services..
Auth0 provides an enterprise-grade identity platform that secures billions of log-ins every year. The company makes it easy to implement even the most complex identity solutions for their web, mobile, IoT and internal applications, as well as sophisticated identity management for employees, customers and partners.
About Meritech Capital Partners
Meritech Capital Partners is a leading provider of late-stage venture capital to category- defining private technology companies, and has been one of the top performing venture firms of the past decade. With over $3 billion under management, Meritech leads investments into companies with proven and differentiated technology, rapidly-growing revenue and experienced management teams. Meritech investments in industry-leading companies include Box, Cloudera, Cornerstone OnDemand, Facebook, and more.