Popular password manager company 1Password has secured $200 million in Series A funding. Accel, a venture capitalist firm, led the round, which was joined by Slack Fund, executives at Atlassian and others. After 14 years in business without any outside funding, 1Password wants to scale their software internationally. According to a press release from the company, their plan is to expand the footprint of their enterprise, allowing any company to secure data and identities. Accel partner Arun Mathew said,
“We don’t come across companies like 1Password very often, especially in an era of growth at all costs…Like Atlassian and Qualtrics, the 1Password team impressed us by building a business that’s not only scaling extremely quickly but also has been profitable since day one–and that’s why today we’re making the biggest single investment in Accel’s more than 35-year history. “
Currently, 1Password has 50,000 business customers, including 25% of Fortune 100 companies. In the past three years, their enterprise business has increased by over 300%, generating the most revenue for the company.
Like all password managers, 1Password syncs a user’s usernames and passwords across all of their devices. In addition, the software can generate new passwords and give users password strength reports if any are found to be old, weak, or repeated. In addition to these basic functions, 1Password is known for it’s robust and unique security features, including:
- Travel mode: If you are putting your phone through any travel security, you can lock your accounts so that security guards can’t access them.
- Dark web scan: 1Password will scan the dark web for your personal information, alerting you if it is found so you can change your password.
- Two and multi-factor authentication: To make sure the right user is accessing each account, users can set up a passcode sent to a mobile device or a secret key, stored locally on your device.
1Password CEO Jeff Shiner says that using repeated, old or obvious passwords for accounts can lead to security breaches, particularly relevant for companies with sensitive customer data. “”With 1Password, you can be good by being lazy. 1Password creates and remembers complex passwords for you, making it the most secure solution as well as the easiest,” he said.
How much funding has 1Password received?
In their latest funding round, 1Password has received $200 million in funding.
Is 1Password a publicly traded company?
1Password is not a publicly traded company. Rather, it’s owned by the Canadian-based software company AgileBits, Inc.