Skip to main content

1Password raises $100 million in funding based on a $2 billion valuation to continue enterprise expansion

1Password has been a fan favorite for Mac and iOS users for over a decade. I’ve personally been using it since some of the earliest OS X versions. Today, the company announced it had raised $100 million in new funding based on a $2 billion dollar valuation.

First reported by Venture Beat, the funding round was led by Accel. 1Password is already profitable as it has doubled its number of paying business customers to 90,000 and has $120 million in annual recurring revenue ARR. 1Password raised $200 million from Accel, Slack (via Slack Fund), and Atlassian’s founders back in 2019 for its first-ever funding round.

“Businesses — both large and small — were forced overnight to adopt a remote way of working,” Shiner told VentureBeat. “That switch meant that companies, most of whom were used to a centralized office, suddenly needed to support employees using their own devices, at home on their own potentially insecure networks. With the remote-hybrid shift came a proliferation of SaaS tools to help keep people and teams productive. Many of these tools are brought in to help specific teams solve specific problems, which means that across an organization, there can be hundreds of different software products — all requiring unique logins and access.”

1Password has embraced various forms of passwordless authentication, including tight integration with touch ID and Face ID to enable macOS and iOS users to unlock 1Password. As businesses continue to expand the use of software-as-a-service products (SaaS), 1Password will use this funding round to make sure they have a large part of the $1.3 billion password management industry. The shift to a remote enterprise has made companies even more vulnerable to phishing attacks and password breaches, and 1Password offers a lot of benefits for businesses ranging from small teams to large Fortune 100 companies.

“We are closely watching the passwordless space and how it matures over the coming years, but whatever the future holds we will be there to support our customers in the most secure and private manner possible,” he said.

Earlier in July, 1Password launched a new API that lets companies integrate 1Password into security information and event management tools like Splunk.

FTC: We use income earning auto affiliate links. More.

You’re reading 9to5Mac — experts who break news about Apple and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel

Manage push notifications

notification icon
We would like to show you notifications for the latest news and updates.
notification icon
Please wait...processing
notification icon
We would like to show you notifications for the latest news and updates.
notification icon
Please wait...processing