1Password is a prime example of an app that has had a singular focus for over a decade – make passwords easier to manage. In recent years, the company has expanded rapidly into the enterprise market as organizations need ways to securely store, manage, and share access to corporate logins. Today, 1Password is now valued at $6.8 billion after a Series C funding round of $620 million.
The Series C funding round is led by ICONIQ Growth, with new investments from others including Tiger Global and Lightspeed Venture Partners. This funding round is the largest raised by a Canadian company and reinforces 1Password’s continued enterprise expansion. Accel, who led the company’s Series A and B, is also participating in the funding round. 1Password will use this additional funding to develop and scale enterprise security solutions for companies of all sizes with a focus on helping companies and end-users protect sensitive data and information across all of their devices.
“In conversations with more than one -hundred CISOs, CIOs, CTOs, developers, and IT leaders, we were impressed by their overwhelmingly fierce passion for 1Password’s ability to balance strict security standards with a profound understanding of how humans behave. By making safe online behavior second nature, 1Password is not only protecting individuals but also the enterprises where they work,” said Will Griffith, a founding partner at ICONIQ Growth, who will join 1Password’s board as part of this investment.
Taking part in the Series C round from the media entertainment world include Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake, and Pharrell Williams. From the world of business, 1Password’s round includes investments from:
- Jeff Weiner, Executive Chairman at LinkedIn
- Robert Iger, Former CEO & Chairman at The Walt Disney Company
- Mary Barra, CEO at General Motors
- George Kurtz, Co-founder and CEO of CrowdStrike
- Frank Slootman – CEO at Snowflake Computing
- Lucy Suros – CEO at Articulate
- Therese Tucker, Founder and Executive Chair at BlackLine
“As a pioneering high-growth company that’s seizing a major market, 1Password is an ideal fit for Tiger Global,” said John Curtius, a partner at Tiger Global. “Blurred lines between work and home, the explosion of cloud apps and surging threats have made protecting our digital lives more important than ever. 1Password stands out with its track record of scaling world-class solutions built around the biggest risk and opportunity: humans.”
“Our mission has always been to ease the tension between security and convenience. We create products and solutions that improve upon and easily layer into a company’s existing security infrastructure, nurturing better habits for employees, while strengthening a company’s security posture from within” said Jeff Shiner, CEO of 1Password.
Over the last two years, the company has achieved significant product milestones including:
- Doubling its business customer base to more than 100,000 enterprises. Notable new clients include Datadog, Intercom, PGA, Snowflake, and Wealthsimple.
- Growing its team to 570 employees (300% growth).
- Launching 1Password 8 for Windows, 1Password Events, Psst! password sharing, and Secrets Automation.
- Unveiling new partnerships with Fastmail, Privacy.com, and Ramp to make it easier to stay secure with virtual credit cards and unique logins, and for businesses
- Integration with Splunk to help customers detect security threats.
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