Auth0, an Identity-as-a-Service company, announced Monday (May 20) that it closed a $103 million venture funding round.
In a press release, Auth0 said the Series E round of funding was led by Sapphire Ventures. Other investors to participate include existing investors Bessemer Venture Partners, K9 Ventures, Trinity Ventures, Meritech Capital and World Innovation Lab.
Auth0 said it will use the funding to fuel its innovation pipeline. It said the investment propels it into unicorn status with a valuation of more than $1 billion. To date, the company has raised $210 million in venture funding. Sapphire Ventures led its $55 million Series D round in May of 2018.
"Auth0 has demonstrated incredible momentum and continues to be a shining model for unparalleled technology, leadership, and growth," Anders Ranum, managing director at Sapphire Ventures, said in the release. "You can see Auth0's ethos in the product itself — a highly sophisticated cybersecurity platform that's universal, scalable, and extensible. The company is changing the approach to business by offering a platform that any company can use to protect digital identities."
Auth0 currently has 7,000 customers worldwide, providing identity management for their customers, business partners, employees and devices. The funding comes on the heels of the company growing internationally and expanding existing offices in Bellevue, Buenos Aires, London, Sydney and Tokyo. The company said it continues to double customer growth and revenue each year and is able to attract top talent.
"This Series E funding is validation that what we are doing and the platform we are providing are imperative for the success of our customers," Auth0 CEO and Co-Founder Eugenio Pace said in the press release. "Businesses cannot afford a data breach, and this investment is a key indicator that identity management is an industry worth investing in. We are truly grateful for the continued support from our investors for Auth0."