Toronto-based password management company 1Password has closed a substantially lucrative Series C round of funding, bringing in $620 million and raising the company's valuation to $6.8 billion. Led by ICONIQ Growth and joined by Tiger Global, Lightspeed Venture Partners, Backbone Angels, and Salesforce Ventures, the funding round marks the largest by a Canadian company to date and more than triples the company’s value from its previous round in 2021. In addition to institutional investors, 1Password has attracted the interest of a number of high-profile Hollywood names, including Robert Downey, Jr., Chris Evans, Scarlett Johansson, Ryan Reynolds, Matthew McConaughey, and others. The company plans to develop and scale its human-centric security solutions and to double its workforce to 1,000 global professionals.
The massive third round of investments is just another strong indicator of 1Password’s impressive growth since 2019. Its notable achievements and milestones include 300% expansion of its workforce and an increase of paid customers to more than 100,000, including notable new clients like Datadog, Intercom, PGA, Snowflake, and Wealthsimple. With the widespread and rapid rise of remote work and cloud adoption, 1Password has been one of the prime beneficiaries, joining the likes of Zoom and DoorDash. Although it began as a consumer-oriented password protection endeavor, its business platform has been adopted by IBM, Slack, and other leading tech companies.