US-based identity-as-a-service startup Auth0 has raised $55 million in Series D funding.
The round was led by Sapphire Ventures, with participation from World Innovation Lab, as well as from existing investors Bessemer Venture Partners, Trinity Ventures, Meritech Capital Partners, and K9 Ventures. It brings total disclosed investment in the company to $109.3 million, and Eugenio Pace, CEO and co-founder of Auth0, has suggested that this round may mark the end of fundraising for a time as the company is close to profitability, though he says that an IPO is unlikely for another few years.
“Our goal is to identify companies that demonstrate consistent high growth in an industry that has incredible market potential. Between the outstanding leadership of the company and their disruptive technology offering, Auth0 offers that unique combination and then some. We are incredibly excited to take this journey together and help them scale to global market leadership,” said Anders Ranum, Partner at Sapphire Ventures.
According to a statement by Auth0, the funds will be used to continue innovation, accelerate go-to-market programs, and drive global expansion. The company also announced that 2017 had seen a doubling of overall customers and more than 100% revenue growth, as well as 140 new employee hires and the opening of additional offices in London, Sydney, and Tokyo.
“We are humbled by the support from our investors, and emboldened in our mission to provide the most extensible, powerful, and easy-to-use identity management solution available,” said Pace. “We look forward to using these funds to make our product and company even better, and to continue offering value to our incredible customers around the world.”