1Password raises $620 million in latest funding round

Password manager 1Password said it closed its latest funding round on Wednesday, raising $620 million and boosting its valuation to $6.8 billion.

The Series C funding round included the participation of ICONIQ Growth, Tiger Global, Lightspeed Venture Partners and Backbone Angels and Accel, which led the Canadian company’s series A and B rounds. 

Celebrities like Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake and Pharrell Williams also participated in the series C round. Executives like Robert Iger and LinkedIn’s Jeff Weiner invested in the company as well. 

“Our mission has always been to ease the tension between security and convenience, and the opportunity to deliver on this has never been bigger for 1Password. We create products and solutions that improve upon and easily layer into a company’s existing security infrastructure, nurturing better habits for employees while strengthening a company’s security posture from within,” said Jeff Shiner, CEO of 1Password.

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

1Password told ZDNet it would use the money to scale the platform and expand its offerings. Over the last year, the company increased its B2B business footprint, adding more than 100,000 companies as customers over the last 24 months. 

The company has also grown to 570 employees and launched several new products including a password sharing tool and more. 

Will Griffith, a founding partner at ICONIQ Growth, said more than one hundred CISOs, CIOs, CTOs, developers, and IT leaders, told him were impressed by 1Password’s “overwhelmingly fierce passion for 1Password’s ability to balance strict security standards with a profound understanding of how humans behave.” 

By making safe online behavior second nature, 1Password is not only protecting individuals but also the enterprises where they work.” Griffith said.