Auth0, an Identity-as-a-Service (IDaaS) startup, recently secured $103 million in a series E financing round led by Sapphire Ventures, bringing its total capital to over $210 million. The other existing investors participated in the investment round are Bessemer Venture Partners, K9 Ventures, Trinity Ventures, Meritech Capital, Telstra Ventures, and World Innovation Lab. The Washington-based startup stated the new funding will fuel the company’s innovation pipeline and global expansion.
Founded in 2013, Auth0 provides login and authentication services to enterprises for a secure login system used to authenticate the identity of employees. The company also provides identity services for a variety of device types, including Internet of Things devices and in different formats, including single sign-on, multi-factor authentication, and passwordless logins. The six-year-old startup claim that its IDaaS platform prevents data breaches from unauthorized logins and improper access.
“Auth0 has demonstrated incredible momentum and continues to be a shining model for unparalleled technology, leadership, and growth,” said Anders Ranum, managing director at Sapphire Ventures. “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.”
“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,” said Eugenio Pace, CEO and co-founder of Auth0. “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.”