1Password has collected $200m in its Series A round which will enable it to scale its enterprise footprint.
Accel led the investment and was joined by Slack Fund, Atlassian founders and co-CEOs Scott Farquhar and Mike Cannon-Brookes, Atlassian president Jay Simons, former Google CISO Gerhard Eschelbeck and several other angels.
Having closed the round, the company will look to bolster its product and go-to-market programmes, as well as expand its enterprise footprint.
The startup is looking to deepen its enterprise password manager solution so businesses can better prevent breaches, and reclaim time spent guessing and resetting passwords.
1Password CEO Jeff Shiner said, “We started 1Password to solve a problem we all feel every day: the hassle of creating and remembering complicated passwords to access the apps we need.
“Companies try to enforce strong password policies with unreasonably complex requirements that people can’t follow or remember. As a result, most of them create schemes to get around these rules by reusing the same password everywhere or adding subtle variations. This puts your employees and businesses at risk.”
The RegTech solution helps users safely store all of their passwords in a single vault, removing the need to remember countless different codes for websites. To further ease the signing-in process, 1Password supports auto-fills so a user can enter any site through a single click.
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