1Password Raises $620 Million at $6.8 Billion Valuation

1Password is a password management app. It allows its users to keep passwords, payment cards data, software licenses, and other confidential information. All this data is kept in the special virtual storage protected with a master password.

The Series С funding round was led by Iconiq Growth. Lightspeed Ventures, Tiger Global, and Accel also took part in the round. “1Password stands out with its track record of scaling world-class solutions built around the biggest risk and opportunity: humans.”, John Curtius, a partner at Tiger Global. The funds raised are going to be used for increasing the size of the team.

1Password headquartered in Canada was founded by Dave Teare, Natalia Karimov, Roustem Karimov, Sara Teare in 2005. Now, the customer base includes more than 100 000 paying customers. Among them are Datadog, Intercom, and Snowflake. The number of employees is 570 and is planned to be increased twice especially engineering and customer support teams. Moreover, 1Password plans to build up its own Events API functionality and continue acquisitions. “We made an acquisition last year with Secret Hub, and we will continue to look at acquisitions and how those can help us achieve our mission and goals.”, Jeff Shiner, CEO, says.

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