1Password, a password management platform, closed a $620 million Series C funding, raising the company’s valuation to $6.8 billion.
During the pandemic, many companies offering remote work tools received funding. And 1Password focused on helping companies in terms of cybersecurity. The company found out that 80% of office employees were burned out because of the pandemic. And, 12% of them use the same password, or a few different passwords, at work.
1Password is Now Valued $6.8 Billion
The password management platform closed a $620 million Series C funding. The investment was led by Iconiq Growth and had participants such as Tiger Global, Lightspeed Venture Partners, Backbone Angels, and Accel. Other investors who took part include George Kurtz (CrowdStricke CEO), Mary Barry (General Motors CEO), Jeff Weiner (LinkedIn chairman), Ryan Reynolds, Robert Downey Jr., and Justin Timberlake.
Since the company raised Series B funding last year, it has increased its customer base from 90,000 to more than 1000,000. Renowned companies such as Datadog, Intercom, and Snowflake are now customers.
With the new funding, the company is focused on driving continued growth. They plan to triple their engineering and customer support teams. Also to build out its business-focused Events API function, and finance more acquisitions.
According to Techcrunch:
“We’re looking at strategic 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, 1Password CEO