Popular password management tool 1Password has raised $620 million in Series C funding, raising the company’s valuation to $6.8 billion.
The round was led by Iconiq Growth, with participation from Accel, Tiger Global, Lightspeed Venture Partners and Backbone Angels. The C-Series news comes at a time when organizations are increasingly reliant on cloud applications and remote work.
Founded in 2005, 1Password has grown to 570 employees and plans to double that number this year, CEO Jeff Shiner told CNBCIn 2016, it launched an enterprise version of its password management software that integrates with other business platforms and is now used by over 100,000 organizations.
Its first funding round — a $200 million Series A — was announced in November 2019. Nearly two years later, 1Password announced that it had raised $100 million in a Series B funding round, raising its valuation to $2 billion.
Over the past year, it launched an event API so IT teams can correlate 1Password insights with other data sources, released 1Password for Safari, and partnered with Fastmail and Ramp to bring new capabilities to its tools. This year also brought its debut on Linux, the premiere of 1Password 8, and 1Password 8 on Windows. Soon, it will bring 1Password 8 to the Mac.
Read 1Password’s full blog post more details.
