Cybersecurity Firm 1Password Closes $620 Million Funding Round as Capital Flows Into Sector

January 20, 2022Updated: January 20, 2022

Toronto-based 1Password has closed a $620-million Series C funding round that brings the cybersecurity firm’s valuation to $6.8 billion.

The new round was led by ICONIQ Growth, with participation from others including Tiger Global, Lightspeed Venture Partners, and Backbone Angels. Accel, which led the company’s Series A and B, also invested in the round.

Additionally, there were several celebrity investors taking part in the Series C round, such as Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Ashton Kutcher, and Justin Timberlake.

“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,” said Jeff Shiner, the company’s CEO. “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.”

The company’s platform gives customers the tools to securely manage passwords and credentials and is utilized by more than 100,000 businesses, including International Business Machines Corp, Shopify Inc, and Slack.

Over the last 24 months, 1Password has achieved significant growth milestones including growing its B2B business by more than 70 percent year over year, launching new product offerings, including 1Password 8 for Windows and 1Password Events, while growing its workforce by over 300 percent to 570 employees.

The cybersecurity sector has already attracted more than $1 billion of investments in the first 2 1/2 weeks of 2022 alone, which includes the 1Password round funding, according to Crunchbase data.

By Michael Cohen

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

Related Topics