The developers of 1Password will receive $100 million from a panel of investors. This is the second time the publisher has called on outside funds to finance its growth and the Canadian company is now valued at $2 billion.
The first fundraising was in late 2019, with Accel Partners having already invested $200 million in the company, which specialises in password management software. For the new funding round, the developer turned to Sound Ventures (investment ondo of Ashton Kutcher and Guy Oseary) and top executives from Shopify, Slack, Squarespace, Google, Eventbrite, MessageBird and Atlassia.
1Password explains that back in 2019 they were a successful, profitable and growing company but that money was needed to have certain securities, grow, get help and guidance. Partnering with Accel would have allowed them to get mentoring (support and tutoring) and investment seen as a solid financial foundation to move the project forward. The company has now grown from 177 people to 473, allowing them to expand 1Password’s capabilities in both consumer and commercial environments, with customers such as IBM, Slack and Under Armour; the password manager has been ported to Linux and services for deployment and provisioning, integration with Azure AD, Okta, OneLogin and Slack, and employee provisioning using familiar systems have been introduced.
Once again, 1Password sees the arrival of new investments as important to support growth but also to have security for the future and to have the possibility to prepare new hires by attracting particular skills.
1Password was founded in 2006 by two friends, David Teare and Roustem Karimov. Version 0.1 started as an internal tool to manage and share passwords for internal tools and client sites while designing websites. The developers realized that their software could be useful to others as well, and over the years it has become one of the most popular security tools on the market, with applicationsi and extensions for Mac, iOS, Windows, Android, Chrome, Opera, Edge, Firefox and Safari. Even Apple internally recommends and offers its employees the opportunity to take advantage of 1Password.
1Password(here is our review) can be downloaded for free from the Mac App Store, “weighs” 441.1MB and requires macOS 10.12.6 or later. Unlocking the various features requires the payment of a subscription. There are various plans available: starting from €3.99 per month (or €37.99 for a year) or $4.99 per month for a family (up to 5 people) and the various features can be tried for free 30 days.