1Password announced it has closed a $620 million Series C that raises the company’s valuation to $6.8 billion.
Led by ICONIQ Growth, with new participation from others including Tiger Global and Lightspeed Venture Partners, the round is the largest raised by a Canadian company, and reinforces 1Password’s security and privacy leadership. Accel, who led the company’s Series A and B is also participating in the round.
1Password will use this additional capital infusion to develop and scale human-centric security solutions for all, focusing on helping people to easily protect their most sensitive data and information while seamlessly integrating between their work and personal lives.
1Password keeps businesses safe by protecting the individuals who work there, so people can focus on getting things done without inadvertently putting themselves or their company at risk. According to the 2020 Verizon Data Breach Investigations Report, 85% of all company data breaches involved a human element, demonstrating the need to design security products around individuals, not infrastructure.
Pandemic trends like the Great Resignation are exacerbating the problem; in 1Password’s recent research, the company found that burned-out employees are a third less likely to follow their companies’ security guidelines and 60% more likely to create, download or use software and apps at work independently, without IT’s awareness.
“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.
“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.”
Over the last 24 months, the company has achieved significant growth milestones including:
- Doubling its business customer base to more than 100,000 companies. Notable new customers include Datadog, Intercom, PGA, Snowflake, and Wealthsimple.
- Building a world-class executive team, including CFO, CRO, CTO, CMO, and Chief Product Officer.
- Growing its team by over 300% to 570 employees.
- Launching new product offerings, including 1Password 8 for Windows, 1Password Events, Psst! password sharing, and Secrets Automation.
- Unveiling partnerships with innovators like Fastmail, Privacy.com, and Ramp to make it easier to stay secure with virtual credit cards and unique logins, and for businesses our integration with Splunk uses our Events API to help customers detect security threats.
- Launching a global GTM channel partnership program, allowing other companies to promote and sell 1Password to their customers.
“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.
“That way, we can tackle the biggest security threats facing the modern workforce and deliver on the promise of providing a safer life online for families and businesses around the world” Shiner continued.