In an announcement, Okta said it had completed a Series D funding round where it raised a total of USD27 million. The round was led by Sequoia Capital and was followed by Andreessen Horowitz, Greylock Partners and Khosla Ventures.
The funds would be utilized by Okta to build on its initial projects in North America and also to expand its market base internationally. The international move would be spearheaded by its new European general manager.
According to Sequoia Capital partner Doug Leone, "Businesses are quickly recognizing the opportunities afforded by cloud based and mobile IT strategies. For most, the question is no longer why, but how they can securely and quickly adopt new and disruptive technologies. Okta has proven that cloud-based identity management is essential to helping busineses make this critical transition. Todd and his team have built a great product and company and we're excited to support their continued success."
On the other hand, Okta CEO Todd McKinnon said, "While no two technology environments are the same and no two organizations share the same set of business priorities, businesses of all sizes are now adopting cloud and mobile solutions in their IT strategies. Legacy identity solutions are simply insufficient as these changes force a company's security perimeter to be re-established outside fo a company's firewall."
Join the Conversation