The Toronto-based company managed to collect $620 million in its latest funding round, which took its value to $6.8 billion. 1Password’s spokesperson said they plan to increase the workforce from 570 to over 1,000 in the following period to keep up with demand and new challenges.
1password Will Use the Funds to Expand Its Business
1Password is software that enables users to store passwords and other sensitive data in encrypted vaults. This saves them from remembering hundreds of passwords and, more importantly, reduces the harmful practice of using the same password for all websites. The latter is a cybersecurity nightmare and should be avoided at all costs.
The company will use the funds to expand its portfolio of services and build up the team, which has around 570 employees to over 1,000. This will help it battle competition like NordPass and LastPass.
Notable Investment Companies and Celebrities Are Among the Investors
Accel Partners, Iconiq Growth, Lightspeed Ventures,Tiger Global participated in the latest funding round and received about 9% of the shares.
Besides distinguished investment companies, the company attracted celebrities to invest in previous funding rounds. Some of them are Ashton Kutcher, Ryan Reynolds, Justin Timberlake, and Robert Downey Jr.