1Password, the password manager startup, has landed a $744.3 million CAD ($620 million USD) Series C in a Hollywood star-studded round of financing. The company claims the funding round raises its valuation to $6.8 billion.
The round is the largest a Canadian company has raised to date, the startup claimed. 1Password did disclose the date the round closed.
ICONIQ Growth led the round, with Tiger Global, Lightspeed Venture Partners, Backbone Angels, and Salesforce Ventures participating.
This round also attracted investment from leaders in media and entertainment, including Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake, and Pharrell Williams.
Others participating in the round included: Jeff Weiner, executive chairman at LinkedIn; Robert Iger, former CEO and chairman at The Walt Disney Company; Mary Barra, CEO at General Motors; George Kurtz, co-founder and CEO of CrowdStrike; Frank Slootman, CEO at Snowflake Computing; Lucy Suros, CEO at Articulate; and Therese Tucker, founder and executive chair at BlackLine.
Accel, who led 1Password’s Series A and B rounds, also participated in the lastest round alongside Slack Fund, another previous investor. 1Password will use this capital infusion to develop and scale its security solutions.
“1Password shows the vibrancy of the Canadian tech ecosystem, and its ability to create industry leaders on a global scale,” said Brittany Forsyth, founding partner of Backbone Angels and former chief talent officer at Shopify, in a statement to BetaKit. “Our investment in the company is a testament to their value, and what we know can be accomplished by dedicated founders with help from a diverse group of investors, including Backbone Angels.”
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1Password, created by parent company AgileBits, offers a password manager that can be integrated into web browsers, allowing for easier log in to websites, entering credit card information, and filling registration forms. The manager also generates strong passwords, all of which is stored inside the manager platform under one master password.
Over the last 24 months, 1Password claims it has increased its B2B business by more than 70 percent year-over-year, growing the customer base to more than 100,000 companies. New customers include Datadog, Intercom, PGA, Snowflake, and Wealthsimple.
The startup said it has expanded its team by over 300 percent, to 570 employees, and launched a number of new products, including 1Password 8 for Windows.
This latest raise follows one in July 2021 when the startup landed $125 million CAD. Previous to that, 1Password closed its first institutional funding round in 2019 at a total of $265 million CAD.
Founded in 2005 by David Teare and Roustem Karimov, 1Password turned down opportunities to bring in outside funding in the past, choosing instead to focus on organic growth; originally focusing on a consumer-facing offering, then moving into the B2B space in recent years.
Image courtesy 1Password