Okta Joins Unicorns With $75M Round And Looks Towards IPO

Okta Joins Unicorns With $75M Round And Looks Towards IPO

Okta, the cloud identity management company, announced a $75 million round.  Okta was valued at $1.2 billion in this deal, meaning it has entered the hallowed halls of the Unicorn club, according to the Wall Street Journal, which first reported the deal.

CEO Todd McKinnon told TechCrunch that actual price is a tad below that reported figure at $1.175 billion.

While being a Unicorn isn’t what it once was, it still is meaningful and a big step for Okta, which has been trying to move beyond pure identity management into areas like security, mobile device management and two-factor identification.

Existing investors Andreessen Horowitz, Greylock Partners and Sequoia Capital led the round. Khosla Ventures, Altimeter, Glynn Capital and other unnamed investors also participated. Today’s investment brings the total raised since the company launched in 2009 to $230 million.

Okta scored an identical $75 million round last June. At the time McKinnon told TechCrunch he was looking at IPOing in the “next couple of years.” Today, he was more specific saying it would likely be in the next 12-18 months, depending on market conditions.

In spite of the current public market conditions, McKinnon said one of the chief reasons his company went back to the well so soon, was that the conditions for this money were so favorable.

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