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September 9, 2015

Okta raises $75m, increases valuation to $1.2bn

The company has raised a total of $230m.

By CBR Staff Writer

Identity and mobility management solution provider Okta has raised $75m in additional venture funding, increasing its valuation to around $1.2bn.

The new round of funding included existing investors Andreessen Horowitz, Greylock Partners and Sequoia Capital, as well as Khosla Ventures, Altimeter, and Glynn Capital.

Founded in 2009, Okta has to date raised $230m. The company harnesses the power of the cloud to enable people to access apps on any device at any time.

Okta’s platform integrates with an organisation’s existing directories and identity systems, as well as more than 4,000 apps.

The company has over 2,500 customers including LinkedIn, Adobe, Allergan, Chiquita, and several others.

Okta CEO Todd McKinnon said: "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."

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Okta has a data centre in Europe which supports the business requirements, privacy and data locality regulations of its customers in the EMEA.

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