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Okta raises $75 million; now valued at $1.2 billion

Okta CEO Todd McKinnonOkta CEO Todd McKinnon
Todd McKinnon, CEO of OktaCourtesy: Okta

Okta, a San Francisco cloud-computing software company, has raised $75 million in a new round of funding.

The sum values the six-year-old company at almost $1.2 billion, according to the Wall Street Journal—a rather large jump from a $675 million estimate in June 2014—and secures it a spot on Fortune’s Unicorn List of billion-dollar startups.

The money comes from existing investors, among them Andreessen Horowitz, Greylock Partners, and Sequoia Capital. It has raised $230 million to date, though it has not disclosed its revenue or other financial information.

MORE: Okta inches toward expected IPO, adds new board member

Okta makes computer software that helps unite the many applications found in the workplace and gives workers (or partners, or customers) a single log-in to use across them. The company, founded by two Salesforce (CRM) veterans, emphasizes the security of its cloud-based approach, allowing a company to monitor—then grant or revoke—employee privileges to a raft of corporate services. It competes with Microsoft (MSFT) and, naturally, Salesforce, as well as startups like Centrify and Ping Identity.

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