Cloud Identity Leader Auth0 Adds $30 Million Series CCompany revenue grows three-fold year-over-year as customer base extends across multiple industries. Auth0 will use the new funds to double down on security, extensibility, and simplicity.
BELLEVUE, Wash.-- Auth0, the leading Identity as a Service platform, today announced it has raised $30 million in a Series C financing led by late-stage investor Meritech Capital Partners and that George Bischof, Managing Director at Meritech Capital Partners, has joined Auth0’s Board of Directors. All existing major investors also participated, 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. Auth0 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."
Funding comes as Auth0 caps off a yet another year of record growth, which saw revenue increase by nearly 3x year-over-year as the company added 1,250 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. The Series C funding will help Auth0 further extend its reach as an identity-as-a-service platform, offering deep identity security features, doubling down on simplicity and extensibility, as well as adding new features to the platform to better suit the needs of modern enterprises.
"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 is an enterprise-grade platform for modern identity. It provides companies with a service that eliminates the complexity of authentication for applications and APIs, all accessible through a developer friendly dashboard. The technology makes it easy to implement even the most complex identity solutions for their web, mobile, and internal applications and APIs.