1Password Closes $620M Funding at $6.8 Billion Valuation

1Password Executive Team

1Password, a Toronto, Canada-based human-centric security company, closed a $620m (USD) Series C funding round that valued it at $6.8 billion.

The round was led by ICONIQ Growth, with participation including Tiger Global, Lightspeed Venture Partners, Backbone Angels, Salesforce Ventures, Accel, Slack Fund, Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake, Pharrell Williams, Jeff Weiner, Executive Chairman at LinkedIn, Robert Iger, Former CEO & Chairman at The Walt Disney Company, Mary Barra, CEO at General Motors, George Kurtz, Co-founder and CEO of CrowdStrike, Frank Slootman – CEO at Snowflake Computing, Lucy Suros – CEO at Articulate, and Therese Tucker, Founder and Executive Chair at BlackLine. Will Griffith, a founding partner at ICONIQ Growth, will join 1Password’s board as part of this investment.

The company intends to use the capital to develop and scale human-centric security solutions for all, focusing on helping people protect their most sensitive data and information while integrating between their work and personal lives.

Led by Jeff Shiner, CEO, 1Password provides a password management and credentials security platform used by over 100,000 businesses, including IBM, Slack, Snowflake, Shopify, and Under Armour.

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

  • Accelerating expansion – especially in its B2B business.
  • Growing its business customer base to more than 100,000 companies, adding notable new customers include Datadog, Intercom, PGA, Snowflake, and Wealthsimple.
  • Building an executive team, including CFO, CRO, CTO, CMO, and Chief Product Officer.
  • Growing its team by over 300% to 570 employees.
  • Launching new product offerings, including 1Password 8 for Windows, 1Password Events, Psst! password sharing, and Secrets Automation.
  • Launching partnerships with innovators like Fastmail, Privacy.com, and Ramp to make it easier to stay secure with virtual credit cards and unique logins. For businesses, an integration with Splunk uses our Events API to help customers detect security threats.
  • Launching a global GTM channel partnership program, allowing other companies to promote and sell 1Password to their customers.