1PASSWORD 100M ACCEL 2B PASSWORD
1PASSWORD 100M ACCEL 2B SERIES

Our hope is this allows the entire company to be even more aggressive about winning this market.вЂќ

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 AccelДЄccel partner Arun Mathew, who drove his firmвЂ™s investment in 1Password in both rounds, noted that вЂњ1Password has a very unique company profile. In both its Series A and B rounds, the venture firm approached the company about investing. It also caught the attention of Accel, which has a history of investing in bootstrapped and profitable businesses. 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. ThatвЂ™s up from 50,000 customers at the time of its November 2019 raise.ДЇounding 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.ДЄccel also led its latest round, which notably included participation from Ashton KutcherвЂ™s Sound Ventures, Kim JacksonвЂ™s Skip Capital and a slew of tech executives including Tobias LГјtke, 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 вЂ“ a $200 million Series A led by Accel that represented the venture firmвЂ™s largest single investment in its 35-year history. Related: Bug Bounty and VDP Platform YesWeHack Raises $18.Toronto-based 1Password is one of those rare companies that is a) profitable and b) transparent enough to share financials.ДЄnd today, the company announced that it raised $100 million in a Series B round of funding that doubles the companyвЂ™s valuation to $2 billion. Related: Cyber Risk Management Firm Safe Security Raises $33 Million WeвЂ™re already working closely with our experienced investors to accelerate growth into new areas, including secrets management, as we help customers stay ahead of the never-ending parade of threats,вЂќ Jeff Shiner, CEO of 1Password, said. вЂњThis investment from a range of industry luminaries signals a commitment to protecting businesses and families.

The company claims to have more than 90,000 business customers, such as GitLab, IBM, Intercom, Slack, and Under Armour. The company says it has experienced significant growth since the previous funding round, and that it has expanded its business offerings over the past months, with products such as Secrets Automation, 1Password Events, and a full-featured Linux desktop application, as well as integrations with Slack and Rippling.ДЇounded in 2005, 1Password provides private, secure password management solutions for both enterprises and end-users. 1Password says it will use the funds to continue to accelerate business growth. The latest funding round was led by Accel, with new investors Sound Ventures and Skip Capital also participating. Previously, the company raised $200 million in a Series A funding round. Password management solutions provider 1Password today announced receiving a $100 million investment that increases its valuation to $2 billion.

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