The company now has a total valuation of $6.8 billion.
This week 1Password announced it has closed a $620 million (USD) Series C. The round raises the company’s valuation to $6.8 billion, according to 1Password.
Led by ICONIQ Growth, the round is the largest raised by a Canadian company. It reinforces 1Password’s security and privacy leadership, the company says.
Celebrities like Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake, and Pharrell Williams also participated in the series C round. Executives like Robert Iger and LinkedIn’s Jeff Weiner invested in the company as well.
Investors as actively participating partners
Jeff Shiner, CEO of 1Password, announced the new round in a blog post. He explains why 1Password, which is consistently profitable, would want to seek a new round of investment. It turns out that for Shiner, the investors themselves are the most important benefit from the round.
“Admittedly, it seems peculiar for a consistently-profitable company to accept outside funding,” Shiner writes. “These partnerships make it possible for us to develop and scale human-centric security solutions for everyone.”
Technology moves quickly, Shiner observes. For every benefit, there’s a new threat. “Simply keeping up would be challenging without the ability to ramp up our efforts quickly,” he says. “But we don’t just want to keep up; our goal is to push the envelope and explore beyond the boundaries of traditional password management.”
“With additional resources and advice from our investors, we’ve already accelerated our pace of development,” he adds. More importantly, Shiner claims that they did this “more quickly than we could have done on our own.”
Security is hard work, Shiner concludes. “But at 1Password we see it as a human challenge rather than a technological one.”
Shiner continues: “Our mission has always been to ease the tension between security and convenience. And the opportunity to deliver on this has never been greater.”