1Password, a Toronto-based cybersecurity company that offers enterprise password management, has announced that it has raised $620 million in its latest investment round. The round was led by ICONIQ Growth, with participation from partners including Accel, Tiger Global, Lightspeed Venture Partners and Backbone Angels.
The new funding brings 1Password's total funding to $920 million, values the company at $6.8 billion and marks the largest round raised by a Canadian company, according to company officials. "The company's purpose is to push the limit and go beyond the usual constraints of password management," 1Password CEO Jeff Shiner said in a blog post announcing the funding.
1Password, which has around 600 employees, is coming off some recent product developments:
- A Fastmail integration allows a customer to create new, unique email addresses to keep a customer’s true email address private.
- A "Save in 1Password’" button through a partnership with Ramp, a platform that helps businesses manage expenses and corporate cards.
- A Linux debut and the premiere of 1Password 8, the next generation of the app.
- Launched Psst!, a secure way to share anything you have stored inside 1Password with anyone, even if they aren’t using 1Password yet.
- Introduced the Events API, allowing IT teams to better correlate their 1Password insights with other data sources.
- Released 1Password for Safari, bringing its next-generation browser experience to customers using macOS Monterey and iOS 15.
- Joined forces with SecretHub to make Secrets Automation, a new way for companies to secure, orchestrate and manage their infrastructure secrets.
- Launched 1Password 8 on Windows.
Shiner said the company also plans to take the "early access" label off 1Password 8 for Mac, "bringing us back home to our most cherished platform, where it all began."
"Security is hard work, but at 1Password we see it as a human challenge rather than a technological one," Shiner wrote. "Our mission has always been to ease the tension between security and convenience, and the opportunity to deliver on this has never been greater."
The company's promise is to keep businesses safe by protecting the individuals who work there. They want to help organizations build a culture of security, nurturing better habits for employees while strengthening a company’s security posture from within. "Organizations drastically reduce the potential impact of data breaches," Shiner wrote, "not to mention the risk of accidental leaks or vulnerabilities stemming from shadow IT."