In 2019, the company decided to raise capital to help recruit a “world-class” executive team and put a concerted effort into winning business customers, Mr. “Our dedication to security and privacy while solving a real problem in a simple and accessible way really struck a chord.” “As much as the world has changed over the last 16 years, one of the few constants has been how passionate our customers are,” said David Teare said in an e-mailed statement. A basic individual plan costs $2.99 monthly. The product protects passwords and also tokens, keys and certificates that guard confidential information underpinning digital infrastructure for corporate clients. Users only have to remember one master password to unlock their codes. Teare’s, joined as CEO.ġPassword’s product automatically creates and stores complex passwords for users so they can auto-fill login credentials across websites and platforms. The product was an early hit on app stores as Apple and Android smartphones began proliferating globally and, in 2012, Mr. On the side they developed a tool to store information including passwords so they could automatically fill forms and save time. Iconiq Growth founding partner Will Griffith said in a statement that after speaking with more than 100 technology executives and developers, “We were impressed by their overwhelmingly fierce passion for 1Password’s ability to balance strict security standards with a profound understanding of how humans behave.”ġPassword was founded in 2006 by developers and friends David Teare and Roustem Karimov and partners Sara Teare and Natalia Karimov as a business to build websites. “To have a security product that penetrates inside an organization virally by itself, that is a dream for chief information officers” accustomed to dealing with less user-friendly cybersecurity tools, Mr. Revenue from corporate customers is growing 70 per cent annually and accounts for more than half the total. 1Password has more than 100,000 corporate customers – up twofold since late 2019 – including Under Armour UAA-N, Shopify SHOP-T, IBM IBM-N and Slack. Until its first outside financing by Accel in 2019, 1Password did no sales or marketing but had “a rabid customer base of two to three million users” that it had picked up by word of mouth, said Accel partner and 1Password director Ethan Choi.Īrun Mathew, another Accel partner and 1Password director, said its user base spread to businesses in a “bottoms-up fashion,” as consumers brought it into their workplaces to such an extent that companies began signing up for enterprise accounts. It also sets 1Password apart in a crowded field of rivals including LastPass and Dashlane.ġPassword generates US$150-million in annualized revenue, up from US$120-million six months ago, and plans to double its 570-person staff this year. He described the cash influx as “courage capital” to spend on product, hiring and acquisitions. The deal wouldn’t have cracked last year’s list of 25 largest VC deals in the U.S.ġPassword has been profitable since its early days and “we don’t need the funds,” said CEO Jeff Shiner in an interview. While the 1Password deal is unprecedented by Canadian standards, its size is more common in Silicon Valley, as private tech companies continue to command huge valuations despite sagging share prices for their public peers. That is 60 per cent higher than the prior inflation-adjusted high set in 2020. The deal comes on the heels of a record-smashing 2021 for the Canadian tech sector, when domestic startups raised $16-billion in VC, according to preliminary data from Refinitiv. Shopify, Slack executives join $100-million financing of Toronto’s 1Password as valuation hits $2-billion The 1Password deal also has investment from celebrities including actors Robert Downey Jr., Chris Evans, Scarlett Johansson, Matthew McConaughey and Canadian Ryan Reynolds, musicians Justin Timberlake and Pharrell Williams, plus General Motors chief executive officer Mary Barra GM-N and former Walt Disney Co. ![]() private capital firms are in the deal: Tiger Global, a prolific investor in Canada’s tech sector, Lightspeed Venture Partners and Accel. co-founder Henry Kravis and James Murdoch. The funding was led by San Francisco’s Iconiq Capital, the family office for tech luminaries including Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey and Chamath Palihapitiya, plus KKR & Co.
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