Sunday, May 22, 2022

1Password closes US$620 million funding round, now valued at US$6.8 billion

1Password, the Canadian company known for its 1Password password manager, has raised US$620 million in its Series C funding round, boosting its valuation to US$6.8 billion.

The funding round, led by investment firm ICONIQ Growth, attracted high-profile celebrity investors including Ryan Reynolds, Scarlett Johansson, Robert Downey Jr, and Chris Evans, among others.

The company will use the funds to “develop and scale human-centric security solutions for all”.

1Password’s primary service is password management for personal and enterprise use. It stores user login information in an encrypted “vault” that’s unlocked using a master password.

The news release said that the company grew 70 per cent in its B2B business year over year and now has over 570 employees, a growth of 300 per cent.

“Our mission has always been to ease the tension between security and convenience, and the opportunity to deliver on this has never been bigger for 1Password. 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, chief executive officer of 1Password.

Will Griffith, a founding partner at ICONIQ Growth, will join 1Password’s board as a part of the investment.

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Jim Love, Chief Content Officer, IT World Canada
Tom Li
Tom Li
Telecommunication and consumer hardware are Tom's main beats at IT World Canada. He loves to talk about Canada's network infrastructure, semiconductor products, and of course, anything hot and new in the consumer technology space. You'll also occasionally see his name appended to articles on cloud, security, and SaaS-related news. If you're ever up for a lengthy discussion about the nuances of each of the above sectors or have an upcoming product that people will love, feel free to drop him a line at tli@itwc.ca.

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