In an age of data breaches and digital identity theft, cybersecurity sits at the top of many a tech leader’s mind.
To put their minds at ease, one startup has emerged that simplifies the process of setting up complex cybersecurity measures on any business application. Now, that startup — Bellevue based Auth0 — has been valued at more than $1 billion as it announced a $103 million Series E funding round this morning.
It’s the second Puget Sound tech company to reach unicorn status in two months.
Sapphire Ventures led the round, a year after it led Auth0’s $55 million Series D, bringing the Bellevue-based startup’s funding total past $210 million.
Auth0’s software helps developers authenticate and protect identities within their own platforms, essentially allowing them to speed up the process of setting up logins, enterprise integration, API security, user management and devices. The company has 7,000 customers around the world, ranging from tech giants like Atlassian to media organizations like PBS.
The company says it has doubled customer growth and revenue year-over-year.
“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,” CEO and co-founder Eugenio Pace said in a statement. “Businesses cannot afford a data breach, and this investment is a key indicator that identity management is an industry worth investing in.”
The company says it will use this round of funding to invest in further innovation and global growth. In addition to its Bellevue headquarters, Auth0 currently has offices in Buenos Aires, London, Tokyo and Sydney, and its remote-friendly culture means employees are even more widely distributed than that.
You can see Auth0’s ethos in the product itself — a highly sophisticated cybersecurity platform that’s universal, scalable and extensible.”
Headquartered in Palo Alto, California, Sapphire Ventures has $2.5 billion under management, including investments in tech companies like 23andMe, LinkedIn, DocuSign and Square.
“Auth0 has demonstrated incredible momentum and continues to be a shining model for unparalleled technology, leadership and growth,” Sapphire Ventures Managing Director Anders Ranum said in a statement. “You can see Auth0’s ethos in the product itself — a highly sophisticated cybersecurity platform that’s universal, scalable and extensible.”
Founded in 2013, Auth0 currently employs 475 people worldwide, and its headcount grew by over 300 people in the last two years.