1Password Raises $620M in Funding Round led by Iconiq Growth

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1Password is a growing business. The business recently said it secured $620 million from a group of A-list celebrities and well-known venture investors, valued at $6.8 billion.      

But with $620 million, what does a password manager need? The CEO of 1Password, Jeff Shiner, has some ideas. He is quickly increasing the team and broadening the scope of what a password manager can accomplish. 1Password has more than doubled in size over the past two years, reaching 500 personnel. Although 1Password has traditionally been a solution geared at consumers, the company’s expertise, user experience, and security prowess may be most effectively applied to the commercial sector. More than 100,000 users currently use 1Password, and it intends to grow.       

In a broader sense, Shiner said he wants to assist businesses and users in rethinking how security functions. There isn’t any other option because the days of “just log in to the VPN” are gone forever due to the rise of remote work, the excessive consumerization of corporate software, and a long list of new security issues plaguing the sector. Shiner said he thinks 1Password can bring in a stronger, more secure system in its stead.

Television and film luminaries like Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake, and Pharrell Williams all invested in this round.     

Tiger Global partner John Curtius stated that 1Password is “A great fit for Tiger Global as a pioneering high-growth firm that is conquering a big market.” “Safeguarding our digital lives is more crucial than ever because of the blurred boundaries between work and home, the proliferation of cloud apps, and the rising number of dangers. With a history of growing top-notch solutions centered around the greatest risk and potential, humans, 1Password shines out.”

We provide goods and services that build upon and effortlessly layer into an organization’s current security architecture, encouraging improved employee behavior while fortifying an organization’s security posture from inside.” said Jeff Shiner, CEO of 1Password.