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Remote Work And Cloud Adoption Lands 1Password With $620M Series C, Now Valued At $6.8B

PRIVATEJan 19, 2022•over 4 years ago

Amount Raised

$620 Million

Round Type

Series C

Description

Password management platform 1Password has closed a massive $620 million Series C funding round that raises the company’s valuation to $6.8 billion.

Company Information

Company

1 Password

About

The company told TechCrunch that since its Series B raise in July last year, it has increased its paying customer base from 90,000 to more than 100,000 — adding big-name corporate subscribers including Datadog, Intercom and Snowflake — and has grown its internal headcount from 475 to 570 employees. This, the company says, has been driven by three things: the continuation of remote and hybrid working, the rapid adoption of cloud apps, and the acceleration of work-related burnout. 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. Ultimately, though the Series C funding round provides 1Password with a substantial amount of capital, Shiner says the company has no plans for an exit “just yet.”

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