Thursday, June 13 2024

Source: 1Password

1Password announced its latest round of funding that now values the company at $2 billion. The $100 million round was led by Accel, with participation from new investors including Ashton Kutcher’s Sound Ventures, Kim Jackson’s Skip Capital and a number of prominent enterprise and consumer technology executives.

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.

“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. “This investment from a range of industry luminaries signals a commitment to protecting businesses and families. 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.”

We’re partnering with the smartest people in tech to build the future of online security for everyone. (PRNewsfoto/1Password)

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. 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 Casalena, 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.

“1Password is an incredible success story of the Canadian tech ecosystem and has massive potential ahead of it. 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.

Previous investor – Accel has been a strong ally during the company’s growth since their previous investment in 2019.

“Since we first partnered with 1Password, they’ve scaled their team and bolstered their product significantly,” said Arun Mathew, partner at Accel. “Even so, one core component of 1Password hasn’t changed: the team’s unwavering commitment to serving their users.”

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. 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. 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).

“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. “We’re excited to continue to work together to provide user-friendly security innovations that protect families and businesses alike.”

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. 1Password’s technology prevents massive damage that can occur from poor password and credentials management. Nine in ten (89%) IT departments using enterprise password managers have seen a measurable impact on security at their company, according to a recent 1Password survey.

“1Password has been a vital security tool at Slack for a number of years. In that time we have grown as a company, and 1Password has grown with us, allowing us to secure our employees at scale. We saw the potential of 1Password when we invested, and we are excited to be part of this latest investment and look forward to a bright future together,” said Jason Spinell from Slack Fund.

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