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1Password's technology prevents massive damage that can occur from poor password and credentials management. In recent years, password management has become more complex due in large part to the growth of cloud computing apps and the rise of the remote workforce. "We're excited to continue to work together to provide user-friendly security innovations that protect families and businesses alike." "The caliber of 1Password's executive team and new investors in this round is a testament to the quality of the company's product, culture and high-growth trajectory," said Ethan Choi, partner at Accel.
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To help drive these initiatives, 1Password also made a series of strategic executive hires with extensive enterprise technology backgrounds, including Raj Sarkar (Chief Marketing Officer), Julian Teixeira (Chief Revenue Officer), Jeannie De Guzman (Chief Financial Officer), and Akshay Bhargava (Chief Product Officer). They also launched a full-featured Linux Desktop Application and integrations with Slack and Rippling that place 1Password at the fingertips of tens of millions of employees. In the past few months, 1Password has expanded its business offerings, launching Secrets Automation in April and more recently, 1Password Events - providing a robust enterprise solution for protecting critical business information. "Even so, one core component of 1Password hasn't changed: the team's unwavering commitment to serving their users." "Since we first partnered with 1Password, they've scaled their team and bolstered their product significantly," said Arun Mathew, partner at Accel. Previous investor – Accel has been a strong ally during the company's growth since their previous investment in 2019. A number of executives from Shopify have invested in this round alongside myself, and we are all thrilled to be able to use the success of our company to personally invest in a fellow Canadian technology leader," said Brandon Chu, VP Product at Shopify. "1Password is an incredible success story of the Canadian tech ecosystem and has massive potential ahead of it. For its next stage of growth, the company will tap into expertise from several enterprise technology leaders including Tobias Lutke, CEO of Shopify and Harley Finkelstein, President of Shopify Stewart Butterfield, Co-founder and CEO of Slack Anthony Caselana, Founder and CEO of Squarespace Mike Cannon-Brookes and Scott Farquhar, Co-CEOs of Atlassian Kevin Hartz, Co-founder and Chairman of Eventbrite Gerhard Eschelbeck, former CISO at Google and Robert Vis, Founder and CEO of MessageBird. Since 1Password's last round in 2019, they have scaled to more than 90,000 business customers, crossed $120M in ARR and accelerated revenue growth. We're already working closely with our experienced investors to accelerate growth into new areas, including secrets management, as we help customers stay ahead of the never-ending parade of threats." "This investment from a range of industry luminaries signals a commitment to protecting businesses and families.
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"Over the last year our personal and professional lives have merged, making passwords even more essential to accessing apps and services we love-and need-to get work done," said Jeff Shiner, CEO of 1Password.
The $100M round was led by Accel, with participation from new investors including Ashton Kutcher's Sound Ventures, Kim Jackson's Skip Capital and a number prominent enterprise and consumer technology executives.Īs a profitable company, 1Password was not actively looking for new investment, however the funds and expertise of new partners will be used to continue to accelerate the company's business growth and to continue delivering cybersecurity solutions to keep businesses and families safe online.
TORONTO, J/PRNewswire/ - 1Password, a leader in security and privacy, today announced their latest round of funding that now values the company at $2 billion.
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