The Canadian firm plans to utilise the proceeds to develop and scale human-centric security solutions
Executive team of 1Password. (Credit: 1Password)
1Password, a Canada-based password management platform, has raised $620m in a Series C funding round to take its valuation to $6.8bn.
The funding round was led by ICONIQ Growth, a technology focused direct investment effort affiliated with ICONIQ Capital. It also involved the participation of Tiger Global, Backbone Angels, Lightspeed Venture Partners, and Salesforce Ventures.
Accel, which led 1Password’s Series A and B rounds, also took part in the Series C round alongside another previous investor Slack Fund.
In its Series A round announced in November 2019, the password management platform raised $200m. That was followed by a Series B round in July 2021 in which the company raised $100m to take its valuation to $2bn.
1Password offers private, secure, and user-friendly password management to businesses and consumers around the world. Its password management and credentials security platform are claimed to be used by more than 100,000 businesses, which include IBM, Snowflake, Slack, Under Armour, and Shopify.
ICONIQ Growth founding partner Will Griffith said: “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 behaviour second nature, 1Password is not only protecting individuals but also the enterprises where they work.”
1Password said that it will utilise the proceeds from the Series C round to build and scale human-centric security solutions for all. The company said that the solutions will be focused on helping people guard their most sensitive data and information easily while integrating between their work and personal lives easily.
1Password CEO Jeff Shiner said: “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.”