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Toronto password management platform 1Password has closed a massive USD $620 million Series C funding round that raises the company’s valuation to USD $6.8 billion.
The investment was led by Iconiq Growth, with participation from Tiger Global, Lightspeed Venture Partners, Backbone Angels, and Accel, which led the company’s Series A and B rounds.
Other investors taking part include CrowdStrike CEO George Kurtz, General Motors CEO Mary Barry, and LinkedIn chairman Jeff Weiner. The round also attracted investment from investors Ryan Reynolds, Robert Downey Jr, and Justin Timberlake.
1Password will use its newly-raised funds to drive continued growth; the company said it plans to triple its engineering and customer support teams, to build out its business-focused Events API functionality that provides visibility into successful and failed sign-in attempts, and to finance more acquisitions.
Founded in 2005, 1Password was born out of a recognized need – the struggle of keeping up with passwords.
Unlike other tech startups, 1Password didn’t worry about impressing early employees with an amazing office. They did exactly the opposite and encouraged employees to work remotely, allowing them to choose the location, environment, schedule, and approach that works best.
While the COVID-19 pandemic has made this flexible work environment more and more common, 1Password was a trailblazer.