“For almost 16 years, this company has been one of the best-kept secrets, no pun intended, for businesses and consumers alike.” “Having a stronger balance sheet only helps the company take calculated risks and be opportunistic about potential M&A or investing even more aggressively where we see opportunity,” Accel’s Mathew said. The company is planning to use some of its new capital for further acquisitions as the number of startups in the cybersecurity space continues to grow. It was able to launch Secrets Automation with the help of the acquisition of a Dutch company, SecretHub. “Password management is usually human to machine, so it’s a huge win for us and expands what we do into the broader infrastructure,” he added. Secrets Automation, Shiner said, allows 1Password to protect a business’ infrastructure secrets “machine to machine.” It has also launched a Linux Desktop Application and integrations with Slack and Rippling. For one thing, it has increased its headcount from 174 employees to about 475 today, including the formation of a go-to-market team, which the company never really had before.Īnd in the past few months, 1Password has expanded its business offerings, launching Secrets Automation in April and more recently, 1Password Events, an enterprise offering aimed at protecting “critical” business information. Since its last raise, 1Password has continued to evolve - a testament to its self-proclaimed intent to never sit on its laurels, said Shiner.
Our hope is this allows the entire company to be even more aggressive about winning this market.” To see a company riding all these market tailwinds with fundamentals and metrics like this is really, really unusual.
1PASSWORD 100M ACCEL 2B SERIES
In its first funding in 7 years, profitable fintech Lower raises $100M Series A led by AccelĪccel partner Arun Mathew, who drove his firm’s investment in 1Password in both rounds, noted that “1Password has a very unique company profile. This move took an already successful company to another level.
1PASSWORD 100M ACCEL 2B PASSWORD
Over time, it evolved and began offering its password management services to businesses. It started out focused on consumers only.
That’s up from 50,000 customers at the time of its November 2019 raise.įounding couples Dave and Sara Teare and Roustem and Natalia Karimov came up with the idea for 1Password while they were growing another company that built websites and realized the struggle of keeping up with passwords.
Over 90,000 businesses use its SaaS platform, including a number of big names such as Under Armour, Shopify, the PGA, IBM, GitLab, Slack and PagerDuty. Profitable since day one, 1Password recently crossed the $120 million in ARR (annual recurring revenue) mark, according to CEO Jeff Shiner. At the time, 1Password was hardly a startup, having been founded in 2005.Īccel also led its latest round, which notably included participation from Ashton Kutcher’s Sound Ventures, Kim Jackson’s Skip Capital and a slew of tech executives including Tobias Lütke, CEO of Shopify Harley Finkelstein, president of Shopify Stewart Butterfield, co-founder and CEO of Slack Anthony Caselena, founder and CEO of Squarespace Mike Cannon-Brookes and Scott Farquhar, co-CEOs of Atlassian and Kevin Hartz, co-founder and chairman of Eventbrite, among others. You may recall that the previously bootstrapped 1Password only raised its first round of external capital in 2019 – a $200 million Series A led by Accel that represented the venture firm’s largest single investment in its 35-year history. Toronto-based 1Password is one of those rare companies that is a) profitable and b) transparent enough to share financials.Īnd today, the company announced that it raised $100 million in a Series B round of funding that doubles the company’s valuation to $2 billion.
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