A VC fund has been set up by Okta, a provider of identity management solutions, which has its stocks listed on Nasdaq. The VC fund will be investing in early-stage tech startups. This includes those working in with cryptocurrency and blockchain technology.
The Okta Ventures Fund
Okta, which announced the launching of the Okta Ventures Fund, also mentioned that the fund has made its first investment. This investment was made in a blockchain-based identity startup Trusted Key. The amount invested was not disclosed by both parties.
Trusted Key which has ex-Microsoft, Oracle and Symantec executives as its founders, provides decentralized digital identity solutions which are aimed at making it possible for organizations to “work together as ecosystems to share strongly proofed user identities with user consent.”
The firm belief that the newly launched venture fund will allow it to invest and provide mentorship to startups with projects centred around building innovative solutions around its core businesses using blockchain, artificial intelligence and machine learning.
Okta’s Co-founder and chief operating officer, Frederic Kerrest, further explained why the firm has decided to launch the VC fund. He said: “In line with Okta’s vision of enabling any organization to use any technology, Okta Ventures will invest in the growing ecosystem of startups tackling issues like identity, security, and privacy.”
Apart from providing these startups with investment capital, they will also be provided with additional supports which includes the use of its software and co-marketing opportunities.
187 Million Dollar IPO
Okta which was founded 10 years ago raised more than $229 million during its funding stages. This huge investment was gotten from major investment houses and funds such as Andreessen Horowitz, Sequoia Capital, Khosla Ventures. The San Fransico based firm went public in the U.S in April 2017. The IPO saw $187 million raise and 11 million shares sold at $17 apiece.