Auth0 completed a new funding round, raising 120 million dollars (105 million euros). Salesforce is one of the largest investors this time. Thanks to this Series F funding, the value of Auth0 is now estimated to be 1.92 billion dollars (1.68 billion euros).
Auth0 is a company that helps developers build identity in applications. The company provides a platform for authentication, authorization, and secure access for applications, devices, and users.
The investment is designed to drive innovation and go-to-market expansion and to meet the global demand for a simple, scalable identity platform. With the extra money, Auth0 can also more easily acquire other companies to expand its services. The startup acquired Apility.io earlier this year to more efficiently detect malicious login attempts.
The Series F funding happened about one year after the completion of another investment round in 2019, which raised 103 million dollars. This granted Auth0 the unicorn status, which means that a private startup is worth more than 1 billion dollars. After a growth of 70 percent in 2019, the company continued to grow in the second quarter of this year, despite the uncertainty caused by the current pandemic.
“Auth0 is a leader in the large, fast-growing identity management market and has shown tremendous growth at scale,” said John Somorjai, EVP, Corporate Development & Salesforce Ventures at Salesforce. “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.”
In addition to Salesforce, other investors participated in the funding, including DCTP, Meritech Capital, Sapphire Ventures and more. Auth0 has raised more than 300 million dollars in investments to date.