Total amount raised
$53 Millions
Latest funding date
Location
Descope has successfully raised funding through a seed round, attracting a total of 15 investors, including notable names like Dell Technologies Capital and George Kurtz. The platform specializes in enabling developers to create secure, frictionless authentication and user journeys for applications.
Keep reading to explore the intricacies of Descope's fundraising journey and the investors backing this innovative platform.
What Is Descope?
Descope, founded on April 3, 2022, is based in Los Altos, California. The company specializes in providing developers with tools to create secure, frictionless authentication and user journeys for applications.
Founded by Aviad Lichtenstadt, Dan Sarel, Doron Sharon, Guy Rinat, Meir Wahnon, Rishi Bhargava, and Slavik Markovich, Descope aims to make customer identity a business enabler. The platform offers features like passwordless authentication, single sign-on, and fraud prevention.
With a team of 51-100 employees, Descope continues to innovate in the field of customer identity and access management, helping businesses enhance security and user experience.
How Much Funding Has Descope Raised?
- Amount Raised: $53 million
- Date: February 15, 2023
- Lead Investors: Lightspeed Venture Partners, GGV Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funding aims to support Descope's mission to simplify the integration of passwordless authentication for developers, allowing them to focus on business-critical initiatives without the burden of building, maintaining, or updating authentication systems.
Total Amount Raised: $53 million. Current Valuation: Not publicly disclosed.
Key Investors
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that focuses on early-stage investments. They have a global presence and invest in companies that leverage technology to create new markets or disrupt existing ones.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snapchat, Nest, GrubHub, AppDynamics.
- GGV Capital
- Details: GGV Capital is a venture capital firm that invests in seed-to-growth stage companies. They have a global focus, investing in companies in the U.S., China, Southeast Asia, and India.
- Investment Focus Areas: Consumer, internet, enterprise, smart tech.
- Notable Investments: Alibaba, Slack, Square, Peloton.
- Unusual Ventures
- Details: Unusual Ventures is a venture capital firm that focuses on early-stage investments. They aim to support founders with hands-on operational guidance.
- Investment Focus Areas: Enterprise, consumer technology.
- Notable Investments: Carta, Robinhood, AppDynamics.
- Dell Technologies Capital
- Details: Dell Technologies Capital is the venture capital arm of Dell Technologies. They invest in early to growth-stage companies in the enterprise technology sector.
- Investment Focus Areas: Cloud, security, data management.
- Notable Investments: Zscaler, DocuSign, MongoDB.
- Cerca Partners
- Details: Cerca Partners is a venture capital firm that focuses on early-stage technology companies. They provide strategic support and capital to help startups grow.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not specified in the sources.
What's Next for Descope?
Descope stands at the cusp of a significant opportunity, driven by the growing demand for passwordless authentication solutions. The platform's ability to integrate user management and authorization with minimal coding effort positions it well to capitalize on this trend. With a market expected to grow from $6.6 billion in 2022 to $21.2 billion by 2027, the potential for Descope is immense.
Future fundraising opportunities seem promising, given the successful $53 million seed round and the involvement of high-profile investors. As Descope scales, additional funding rounds could support the expansion of its platform's capabilities and market reach. However, challenges such as competition from established players and the need to continuously innovate to stay ahead in a rapidly evolving market remain.
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