1Password Raises Up to $100 Million Funding from $2 Billion Valuation for Enterprise Expansion

Urian B., Tech Times 28 July 2021, 06:07 am

1Password has been a long time fan favorite for both the iOS and Mac users for just over a decade.

Finally, the company looks to be getting bigger as they announced that they have finally raised $100 million in new funding based on the company's $2 billion dollar valuation.

1Password Raised Funding

The story was first reported by Venture Beat and the funding round was led by Accel.

1Password is now profitable as it has been able to double its number of paying business customers to 90,000. The company also has $120 million when it comes to annual recurring revenue ARR.

1Password was able to raise up to $200 million from Accel, Slack (from the Slack Fund), and even Atlassian's founders all the way back in 2019 for its first-ever funding round.

1Password CEO Jeff Shiner told VentureBeat that businesses, both large scale and small scale, were reportedly forced overnight to be able to adapt to remote work.

Malware has become a common modern problem as seen in the recent Discord hack which was able to spread around 14,000 malware URLs.

SaaS Tools and Their Growing Popularity

This sudden switch meant that companies, most of whom were reportedly used to a centralized office, needed support coming from employees through their own devices, at home on their very own potentially insecure networks.

With the remote-hybrid shift also came a proliferation of SaaS tools in order to help keep people as well as teams productive.

A lot of these tools are reportedly brought in to help specific teams solve some specific problems. This means that across an organization, there can reportedly be hundreds of different software products and all of them would require logins and access.

1Password on Passwordless Authentication

1Password has reportedly embraced various forms of different passwordless authentications, which would include tight integration with Face ID and Touch ID in order to enable macOS and iOS users to be able to unlock 1Password.

As businesses continue to expand the use of software-as-a-service or SaaS, 1Password will be using this founding round in order to make sure that they have a much larger part of the whole $1.3 billion password management industry, according to MordorIntelligence.

The massive shift to remote enterprise has reportedly made companies more vulnerable to certain phishing attacks and password breaches.

1Password offers a number of benefits for businesses ranging from smaller teams to the larger Fortune 100 companies.

Encryption has also become very important but not all VPNs were actually encrypted.

Passwordless Space

The company noted that they are closely watching the whole passwordless space as well as how it matures over the course of the coming years. They noted that whatever the future holds, they will be there to help support their customers in the most secure as well as private manner possible.

According to the story by 9to5Mac, earlier in July, 1Password launched a new API, which would let the companies integrate 1Password into different security information and event management tools just like Splunk.

This article is owned by Tech Times

Written by Urian B.