Startup City Magazine

Cloud Computing Software Firm Okta Raises $75 Million Series F Funding

Bengaluru: Cloud technology seems to be the new-found gold mine for companies across the world as the VCs & investors are showing special interest in the companies who operate in the Cloud space and are flooding them with funds. A new addition to this chain is Okta, a California-based cloud-computing software firm, which has raised $75 million in its series F financing led by its existing investors – Andreessen Horowitz, Greylock Partners and Sequoia Capital. Other investors like Khosla Ventures, Altimeter and Glynn Capita also contributed to the financial round. Since its inception in 2009, the company has raised close to $230 million and Allen & Company LLC acted as Okta’s financial advisor on this latest funding round.

“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,” says Todd McKinnon, CEO, Okta. “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,” he added.

Commenting on the latest investment, Ben Horowitz, Co-Founder & Partner, Andreessen Horowitz cites, “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. 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 is the contrivance of two ex-Salesforce employees – Frederic Kerrest & Todd McKinnon. It is an integrated identity and mobility management firm that connects people to their applications from any device, anywhere and at any time. Using Cloud technology, Okta integrates directly with the company’s existing directories, identity systems and over 4000 applications. The company has more than 2000 customers globally which includes big names like Adobe, Allergen, Chiquita, LinkedIn, MGM Resorts and Western Union; which all rely on Okta to enhance their employee productivity and supply chain efficiency.

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