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Contxto – Businesses know data security is an invaluable asset, consequently so do investors.
Today (14), Argentine cybersecurity startup Auth0 announced its Series F round for US$120 million.
The investment was led by Salesforce Ventures who was joined by newcomer DTCP, as well as returning investors Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures, and K9 Ventures.
As a result, the startup is now valued at US$1.92 billion and has raised over US$330 million in equity capital. Its previous investment round was in May of 2019 when it closed US$103 million and earned its title as a unicorn.
The startup told Contxto that these funds would fuel its growth plans in multiple markets.
“Auth0 will use the funds to continue global growth and expand operations to support our key regions: Americas, APAC, and EMEA,” said Jeana Tahnk, Director of Global Communications at Auth0.
“In terms of specific markets, the company has experienced incredible momentum in key regions, like LATAM, DACH, Southern Europe, Southeast Asia, and Japan.“
Nothing’s stopping Auth0
Some startups have been stumbling with the coronavirus pandemic and economic uncertainty.
However, Auth0 reports that 2019 and thus far 2020 have been kind to it.
In 2019 it grew its customer base and revenue by 70 percent. It states that this rapid growth has stretched into the second quarter of this year. This also explains Salesforce Ventures’ interest in the startup.
“Auth0 is a leader in the large, fast-growing identity management market and has shown tremendous growth at scale,” said John Somorjai, Executive Vice President of Corporate Development & Salesforce Ventures.
- Related article: Argentine unicorn Auth0 among the 500 fastest growing tech startups in U.S., says Deloitte
For German DTCP, the startup’s approach towards building developer-friendly products was important. This venture capital (VC) firm also stated: “We will use our European roots and strategic global network to help the Auth0 team continue along its growth track.”
However, when Contxto asked the startup about its growth expectations for 2020, in genuine PR-fashion, it offered a positive but vague response.
“Despite an uncertain global climate in 2020, Auth0 has continued to grow and anticipates having another strong year,” said Tahnk.
“We are fortunate that identity management is a critical piece of digital transformation, which is a process that many companies have been forced into due to COVID-19.”
In any case, it’s freshly funded and fueled for a massive market takeover.
Watch out Microsoft and IBM.
Related articles: Tech and startups from Argentina!