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Auth0, a 2013-founded identity and authentication platform, has pushed into unicorn territory with a $1 billion valuation after raising $103 million in its latest Series E round.
The round was led by Sapphire Ventures, with participation from K9 Ventures, Telstra Ventures and several others. In all, Auth0 total funding tops $210 million to date.
Auth0 — pronounced “auth-zero” — provides authentication-as-a-service to its corporate customers — or, to everyone else, a secure login system used to properly authenticate the identity of employees. Anyone working in a medium-to-large business will know the process all too well. Auth0 provides login and authentication systems for a bevy of device types — including Internet of Things devices — in a variety of formats, including single sign-on, multi-factor authentication and passwordless logins.
By securing the perimeter to a corporate network, the company says it can prevent data breaches from unauthorized logins and improper access.
The company touts more than 7,000 enterprise customers with more than 2.5 billion logins per month. It’s come a long way since its $2.4 million seed round in 2016.
Auth0 chief executive Eugenio Pace said its Series E was “validation” that the company is doing things right.
Clearly it is: It says customer growth and revenue has doubled year-over-year, and its employee numbers have increased by more than half in two years. Its latest Series D funding round that led its international expansion has seen offices also open in Buenos Aires, London and Sydney.
Auth0 said the Series E will help support the growth of its five international offices. Pace said he was “truly grateful” for his investors’ support.