Okta raises $75m in financing round

Identity and mobility management business announces major new funding deal

Identity and mobility management business announces major new funding deal

Okta, the leading identity and mobility management company, today announced $75 million in new financing. Existing investors Andreessen Horowitz, Greylock Partners and Sequoia Capital, who have witnessed Okta’s rapid growth first-hand, led the round with participation from Khosla Ventures, Altimeter, Glynn Capital and others. 

Since its founding in 2009, Okta has now raised a total of $230 million.

“We’re at an important inflection point where IT leaders, product developers, industry analysts and the biggest technology companies in the world are acknowledging the critical role identity plays in connecting people, apps, devices and organizations,” said Todd McKinnon, Okta CEO.

“Okta pioneered cloud-based identity management, which set us up to become the foundation for secure connections between people and technology. We’ll leverage our new capital to build on that foundation, accelerating our leadership position, driving deeper innovation across all our product lines, and continuing our growth and expansion into new regions.”

“Todd McKinnon and Frederic Kerrest had a vision for the future of cloud computing that has propelled Okta to become the runaway market leader in Identity Management,” added Ben Horowitz, cofounder and partner, Andreessen Horowitz.

“This new round of funding will enable them to expand their scope to secure everything that people interact with and bring that solution to the world.”

Okta continues its trajectory of hyper-growth with over 2,500 enterprise customers and millions of logins per day. Customer wins in the past six months include 21st Century FOX, Etihad Airways, DISH Network and RE/MAX. The company has also grown to over 500 employees, including the addition of executive hires and new offices in Toronto, Seattle and the Netherlands.

Okta has bolstered its leadership team, recently adding Michelle Wilson, former general counsel at Amazon.com, to its board of directors as the first independent board director.

In addition, Okta has appointed Michael Guerchon as its Chief People Officer and Jon Runyan as its General Counsel. Guerchon was formerly the chief human resources officer at Riverbed Technology and will lead Okta’s people and office initiatives.

Runyan was formerly a partner in Goodwin Proctor’s technology companies practice and will oversee the company’s legal affairs worldwide.

Okta also recently made a substantial investment in a state-of-the-art data center infrastructure located in the EU to support the business needs, privacy and data locality regulations of Okta’s EMEA customers.

The company has more than tripled both its sales, support and services team and customer count throughout the region over the last year and this move will further support Okta’s rapid growth in the region.

Allen & Company LLC served as Okta’s financial advisor and assisted in putting together this funding round.

Praseeda Nair

Praseeda Nair

Praseeda was Editor for GrowthBusiness.co.uk from 2016 to 2018.

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