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1Password Closes $620 Million Funding Round At $6.8 Billion Valuation

Celebrities and business leaders also contributed to 1Password.

Edward Gately

January 19, 2022

3 Min Read
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1Password has closed a $620 million Series C funding round, raising its valuation to $6.8 billion.

Iconiq Growth led the way, with participation from Tiger Global, Lightspeed Venture Partners and Backbone Angels. It’s the largest round raised by a Canadian company. Accel, which led the company’s Series A and B funding, also participated.

This 1Password funding round also attracted investment from celebrities like Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey and more.

Business leaders like Jeff Weiner, LinkedIn’s executive chairman; Robert Iger, former CEO and chairman of the Walt Disney Co.; and Mary Barra, General Motors’ CEO, also contributed.

More than 100,000 businesses, including IBM, Slack and Snowflake, use the company’s password management and credentials security platform.

Partners Play Many Roles in 1Password’s Growth, Expansion

Jeff Shiner is 1Password‘s CEO.

Shiner-Jeff_1Password.jpg

1Password’s Jeff Shiner

“Our partners play many roles when it comes to our growth and expansion, and addressing the unique needs of our customers in global markets,” he said. “They’re a strong support in our mission to continue delivering on our promise of protecting businesses by keeping employees, at the individual level, secure. They also help us to better reach new customers, deliver a more human-centric extensible platform through product partnership integrations and co-development, and deliver world-class customer experiences through service providers, affiliates and other market influencers.”

In the near term, 1Password is deepening its current partnerships, Shiner said. It’s also bringing its security insights and services to market to address shadow IT, and ultimately delivering human-centric security.

“Capital from our Series C funding round is going to help us scale and accelerate execution toward achieving our mission of humanizing digital security,” he said. “And our partners will feel that too. While we don’t technically need the money, this funding round has come at the right time as we gear up for an even bigger year.”

1Password plans to build on its hiring momentum and will continue expanding into new international markets,” Shiner said.

“This new round of funding will also allow us to continue working towards executing our future product road map — developing and scaling much-needed, human-centric security solutions for everyone, in collaboration and with support from our partners,” he said.

Opportunity for Partners ‘Never Been Greater’

The opportunity for 1Password and its partners has never been greater, Shiner said.

“This injection of capital will help us continue expanding the business, developing our product vision and road map, introducing 1Password to more users, and building the exceptional team that we’ll need to get there,” he said. “Our human-centric approach to security is a crucial part of why we’ve been successful as a business to date. And we’re ready to continue tackling the biggest security threats facing the modern workforce.”

Over the last two years, 1Password has accelerated expansion, especially in its B2B business, where it grew more than 70% year over year. It also launched new product offerings, including 1Password 8 for Windows, 1Password Events, Psst password sharing and Secrets Automation.

Will Griffith is a founding partner at Iconiq Growth.

“In conversations with more than 100 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,” he said. “By making safe online behavior second nature, 1Password is not only protecting individuals, but also the enterprises where they work.”

Want to contact the author directly about this story? Have ideas for a follow-up article? Email Edward Gately or connect with him on LinkedIn.

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About the Author(s)

Edward Gately

Senior News Editor, Channel Futures

As news editor, Edward Gately covers cybersecurity, new channel programs and program changes, M&A and other IT channel trends. Prior to Informa, he spent 26 years as a newspaper journalist in Texas, Louisiana and Arizona.

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