Auth0 snags $55M Collection D, seeks worldwide enlargement – TechCrunch
Auth0, a startup primarily based in Seattle, has been serving to builders with a set of APIs to construct authentication into their functions for the final 5 years. It’s raised a good bit of cash alongside the best way to assist prolong that mission, and right this moment the corporate introduced a $55 million Collection D.
This spherical was led by led by Sapphire Ventures with assist from World Innovation Lab, and current traders Bessemer Enterprise Companions, Trinity Ventures, Meritech Capital and K9 Ventures. Right now’s funding brings the whole raised to $110 million. The corporate didn’t wish to share its valuation.
CEO Eugenio Tempo stated the funding ought to assist them increase additional internationally. The truth is, one of many traders, World Innovation Lab, relies in Japan and may assist with their presence there. “Japan is an important market for us and they should help explain to us how the market works there,” he stated.
The corporate presents a simple means for builders to construct in authentication companies into their functions, often known as Identification as a Service (IDaaS). It’s rather a lot like Stripe for funds or Twilio for messaging. As an alternative of constructing the authentication layer from scratch, they merely add just a few traces of code and may benefit from the companies out there on the Auth0 platform.
That platform features a vary of service corresponding to single-sign on, two-factor identification, passwordless log-on and breached password detection.
They’ve a free tier, which doesn’t even require a bank card, and pay tiers primarily based on the kinds of customers — common versus enterprise — together with the variety of customers. In addition they cost primarily based on machine-to-machine authentication. Tempo experiences they’ve 3500 paying prospects and tens of hundreds of customers on the free tier.
All of that has added as much as a reasonably respectable enterprise. Whereas Tempo wouldn’t share particular numbers, he did point out the corporate doubled its income final yr and anticipated to take action once more this yr.
With a cadence of getting funding yearly for the final three years, Tempo says this spherical might mark the tip of that fundraising cycle for a time. He wasn’t able to decide to the concept of an IPO, saying that’s probably a few years away, however he says the corporate is near profitability.
With the brand new inflow of cash, the corporate does plan to increase its workforce as strikes into markets internationally . They at present have 300 staff, however inside a yr he expects to be between 400 and 450 worldwide.
The corporate’s final spherical was a $30 million Collection C final June led by Meritech Capital Companions.