Canadian cybersecurity unicorn 1Password has extended its valuation to $6.8bn after it closed a star-studded Series C round on $620m.
ICONIQ Growth, a tech-focused venture capital firm, served as the lead investor.
The investment received commitments from a number of celebrities, including Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake and Pharrell Williams.
Other commitments came from Tiger Global, Lightspeed Venture Partners, Backbone Angels and Salesforce Ventures. Accel, which led 1Password’s Series A and B, also joined the round, along with other existing backer Slack Fund.
Finally, the Series C was also backed by business leaders, including Robert Iger, former CEO and chairman at The Walt Disney Company; Jeff Weiner, executive chairman at LinkedIn; Mary Barra, CEO at General Motors and many others.
1Password claims this is the largest investment raised by a Canadian company.
The investment capital has been earmarked to develop and scale security solutions to help everyone protect their sensitive data and information while seamlessly integrating between their work and personal lives.
1Password offers password management services to businesses and consumers. Users can create passwords and auto-fill logins for websites and applications.
A recent study from 1Password found that burned-out employees are a third less likely to follow their companies’ security guidelines and 60% more likely to create, download or use software and apps at work independently, without IT’s awareness.
Tiger Global partner John Curtius said, “As a pioneering high-growth company that’s seizing a major market, 1Password is an ideal fit for Tiger Global.
“Blurred lines between work and home, the explosion of cloud apps and surging threats have made protecting our digital lives more important than ever. 1Password stands out with its track record of scaling world-class solutions built around the biggest risk and opportunity: humans.”
The CyberTech company reached a $2bn valuation in July 2021, following the close of a $100m investment.
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