1Password closes valuation from $620 million to $6.8 billion to bring human-centric security to everyone

TORONTO, January 19, 2022 /PRNewswire/ — 1Password, the leader in human-centric security, today announced the closure of a $620 million (USD) Series C which takes the company’s valuation to $6.8 billion. Led by ICONIQ Growth, with participation from Tiger Global, Lightspeed Venture Partners, Backbone Angels and Salesforce Ventures, the round is the largest raised by a Canadian company and reinforces 1Password’s leadership in security and privacy. Accel, which led the company’s Series A and B, is also participating in the round alongside Slack Fund, another previous investor. 1Password will use this additional capital injection to develop and scale human-centric security solutions for everyone, focusing on helping people easily protect their most sensitive data and information while integrating seamlessly between their work and personal life.

This round has also attracted investment from leading media and entertainment companies; including Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake and Pharrell Williams.

Coming from the business world, the luminaries participating in the Series C round include:

  • Jeff Weiner, Executive Chairman at LinkedIn
  • Robert Iger, former CEO and Chairman of The Walt Disney Company
  • Mary Barra, CEO of General Motors
  • Georges Kurtz, co-founder and CEO of CrowdStrike
  • Frank Slootman – CEO of Snowflake Computing
  • Lucy Suros – CEO at Articulate
  • Therese Tucker, Founder and Executive Chairman of BlackLine

1Password keeps businesses safe by protecting the people who work there, so people can focus on their jobs without inadvertently putting themselves or their business at risk. According to Verizon Data 2020 Breach Investigation Report, 85% of all enterprise data breaches involved a human element, demonstrating the need to design security products around people, not infrastructure. Pandemic trends like the Great Resignation exacerbate the problem; in Recent 1Password searches, the company found that burnt-out employees are a third less likely to follow their company’s security guidelines and 60% more likely to create, download or use software and apps at work independently, without their knowledge. of the IT department.

“In conversations with over a hundred CISOs, CIOs, CTOs, developers and IT managers, we were impressed by their extremely fierce passion for 1Password’s ability to balance strict security standards with a deep understanding of user behavior. By making safe online behavior second nature, 1Password not only protects individuals but also the companies where they work,” said Will Griffith, a founding partner of ICONIQ Growth, who will join 1Password’s board of directors as part of the investment.

“As a high-growth, pioneering company capturing a major market, 1Password is the perfect fit for Tiger Global,” said John Curtius, partner of Tiger Global. “The blurring lines between work and home, the explosion of cloud applications and the rise of threats have made protecting our digital lives more important than ever. 1Password stands out for its track record of scaling security solutions. world class built around the greatest risk and opportunity: humans.”

Over the past 24 months, the company has achieved significant growth milestones, including:

  • Accelerating expansion – particularly in its B2B business, where it grew more than 70% year-over-year.
  • Growing its business customer base to over 100,000 businesses, adding notable new customers include Datadog, Intercom, PGA, Snowflake and Wealthsimple.
  • Build a world-class leadership team, including CFO, CRO, CTO, CMO and Chief Product Officer.
  • Growth of its team by more than 300% to 570 employees.
  • Launched new product offerings, including 1Password 8 for Windows, 1Password Events, Psst! password sharing, and Secret Automation.
  • Unveiling cutting-edge partnerships with innovators such as fast mail, Privacy.com, and Ramp to facilitate security with virtual credit cards and unique identifiers. For businesses, our integration with Splunk uses our Events API to help customers detect security threats.
  • Launched a global GTM channel partner program, allowing other companies to promote and sell 1Password to their customers.

“Easing the tension between security and convenience has always been our mission, and the opportunity to do so has never been greater for 1Password. We create products and solutions that improve and overlap. easily to a company’s existing security infrastructure, fostering better habits for employees while strengthening a company’s security posture from within,” said Jeff Mene, CEO of 1Password.

“In this way, we can tackle the biggest security threats facing the modern workforce and deliver on the promise of delivering a safer online life for families and businesses around the world,” continued shine.

About 1Password
1Password’s human-centric approach to security keeps people safe, at work and at home. It’s the only solution designed entirely to allow anyone, regardless of technical skill level, to navigate the digital world without fear or friction. More than 100,000 companies, including IBM, Slack, Snowflake, Shopify and Under Armour, trust the enterprise password management and credential security platform. 1Password protects the most sensitive information of millions of individuals and families around the world, helping consumers and businesses get more done in less time – with security and privacy as data. Learn more at 1Password.com.

About ICONIQ Growth
ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive impact and change globally. We are inspired by visionaries who define the future of their industries by creating sustainable corporate cultures. Our unique investment platform harnesses the power of ICONIQ Capital’s dynamic ecosystem of founders, trailblazers and business leaders to deliver tangible value and amplify the success of our portfolio companies, early growth stage to IPO and beyond. ICONIQ Growth’s portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake , Sprinklr, Truckstop, Uber, Wolt and Zoom, among others. For more information and a full list of portfolio companies, please visit https://iconiqgrowth.com/.

SOURCE 1Password

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