1Password is a Toronto-based human-centric security firm that was valued at $6.8billion.
The round was led ICONIQ Growth with participation from Tiger Global, Lightspeed Venture Partners and Backbone Angels. Also, there were representatives from Salesforce Ventures and Accel. As part of the investment, Will Griffith, who was a founding partner of ICONIQ Growth will join 1Password’s Board.
The capital will be used by the company to create and scale human-centric security systems for all. It will focus on helping individuals protect their most sensitive information and integrate it into their personal and professional lives.
Jeff Shiner, CEO of 1Password, is the company’s founder and chief executive officer. 1Password offers a password management platform and security platform that is used by more than 100,000 businesses including IBM, Shopify and Under Armour.
The company has seen significant growth over the past 24 months.
- Accelerating expansion, especially in the B2B segment.
- It has increased its customer base to over 100,000 companies and added notable new customers such as Datadog, Intercom PGA, Snowflake, Wealthsimple.
- Establishing an executive team that includes CFO, CRO and CTO as well as Chief Product Officer (CMO), CTO, CTO, CFO, CTO, CTO, CMO and CFO.
- The company has grown its workforce by more than 300% to 570 people.
- Launching new product offerings, including 1Password 8 for Windows, 1Password Events, Psst! Password sharing, and Secrets Automation
- Partnerships with innovative companies like Privacy.com, Fastmail, and Ramp is launched to make it easier for customers to keep their data secure using virtual credit cards and unique logins. Splunk integrates with businesses to provide security threat detection tools via our Events API.
- A global GTM channel partnership program was launched, which allows other companies to sell 1Password to customers.