Total amount raised
$920.1 Millions
Latest funding date
Location
1Password has successfully raised significant funding through multiple rounds, with notable investors such as Matthew McConaughey and Lightspeed Venture Partners. The platform offers robust password management and extended access management solutions, trusted by 150,000 businesses worldwide.
Keep reading to explore the intricacies of 1Password's fundraising journey and the investors backing this innovative platform.
What Is 1Password?
1Password, founded in 2005, is headquartered in Toronto, Ontario, Canada. The company was established by Dave Teare, Natalia Karimov, Roustem Karimov, and Sara Teare. With a workforce of between 1001-5000 employees, 1Password specializes in password management and extended access management solutions.
1Password offers a secure way for businesses and families to manage and share passwords, credit card information, and documents. The platform uses AES 256-bit encryption to ensure the safety of sensitive data. It also provides features like Watchtower, Activity Log, and Custom Roles to enhance security and usability.
Trusted by 150,000 businesses worldwide, 1Password is also the exclusive Cybersecurity Partner of Oracle Red Bull Racing. The company continues to innovate in the field of cybersecurity, adapting to various work environments and offering secure access to all apps from any device.
How Much Funding Has 1Password Raised?
- Series A
- Amount Raised: $200M
- Date: November 2019
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand and enhance cybersecurity offerings.
- Series B
- Amount Raised: $100.1M
- Date: July 2021
- Lead Investors: Accel
- Valuation at Round: $2B
- Motivation Behind the Round: To support ongoing expansion and product development.
- Series C
- Amount Raised: $620M
- Date: January 2022
- Lead Investors: ICONIQ Growth
- Valuation at Round: $6.8B
- Motivation Behind the Round: To develop and scale human-centric security solutions and make strategic acquisitions.
Total Amount Raised: $920.1M. Current Valuation: $6.8B.
Key Investors
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that partners with entrepreneurs and leaders driving global impact and change. Will Griffith, a founding partner, joined 1Password's board following their investment.
- Investment Focus Areas: High-growth technology companies, company cultures that endure.
- Notable Investments: Snowflake, Datadog, Uber.
- Tiger Global
- Details: Tiger Global is a global investment firm known for heavily betting on tech startups. They participated in 1Password's Series C funding round.
- Investment Focus Areas: Technology, internet, consumer sectors.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that invests in enterprise, consumer, and health sectors. They have been involved in multiple funding rounds for 1Password.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snap, Affirm, MuleSoft.
- Accel
- Details: Accel is a venture capital firm that led 1Password’s Series A and B rounds. They focus on early and growth-stage technology companies.
- Investment Focus Areas: Early and growth-stage technology companies.
- Notable Investments: Facebook, Dropbox, Slack.
- Backbone Angels
- Details: Backbone Angels is a group of angel investors focusing on early-stage investments, particularly in women-led companies. They participated in 1Password's Series C funding round.
- Investment Focus Areas: Early-stage investments, women-led companies.
- Notable Investments: Not publicly disclosed.
What's Next for 1Password?
1Password stands at the cusp of significant growth opportunities, driven by the increasing demand for human-centric security solutions. With a $620 million Series C funding round and a valuation of $6.8 billion, the company is poised to expand its B2B business, launch new products, and form strategic partnerships. The potential for further investment rounds and an eventual IPO looms large as 1Password continues to innovate and scale its operations.
However, the path forward is not without challenges. Balancing strict security standards with user-friendly solutions, managing rapid growth, and staying ahead of evolving security threats will be critical. As the company navigates these hurdles, its ability to maintain a strong culture and operational efficiency will determine its long-term success.
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