Canadian-born online security firm 1Password closed a $620 million (USD) Series C round, with investment from a number of superstars in the music and entertainment industries.
The round, which brings the company’s valuation to $6.8 billion, included backing from Trevor Noah, Justin Timberlake and Pharrell Williams, as well as Hollywood stars like Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey and Chris Evans.
Pharrell Williams is also an investor in companies such as Mixhalo and Squire Technologies. Justin Timberlake has previously invested in companies like entertainment brand Superplastic, fitness tech company Hydrow and several others.
1Password says the round is the largest raised by a Canadian company.
1Password’s Series C was led by ICONIQ Growth, with participation from Tiger Global, Lightspeed Venture Partners, Backbone Angels, and Salesforce Ventures.
Accel, which led the company’s Series A and B, is also participating in the round alongside Slack Fund, another previous investor.
1Password says it will use this additional capital “to develop and scale human-centric security solutions.”
Other notable business investors include Jeff Weiner, executive chairman of LinkedIn; Robert Iger, former CEO and Chairman of The Walt Disney Company; Mary Barra, CEO of General Motors; George Kurtz, co-founder and CEO of CrowdStrike; Frank Slootman, CEO of Snowflake Computing; Lucy Suros, CEO of Articulate and Therese Tucker, Founder and Executive Chairman of BlackLine
1Password’s password and sensitive data management tools are used by more than 70,000 companies, including, it says, 25% of Fortune 100 companies like IBM, as well as technology companies like Slack and Dropbox.
Information stored in 1Password is end-to-end encrypted using 256-bit AES encryption and the company claims to be the only password manager to combine a master password with a unique locally generated 128-bit secret key to authenticate.
“Easing the tension between security and convenience has always been our mission, and the opportunity to do so has never been greater for 1Password.”
Jeff Shiner, 1Password
Jeff Shiner, CEO of 1Password, said, “Our mission has always been to ease the tension between security and convenience, and the opportunity to do so has never been greater for 1Password.
“We create products and solutions that easily enhance and overlay a company’s existing security infrastructure, fostering better habits for employees while strengthening a company’s security posture from within.
“In this way, we can tackle the biggest security threats facing the modern workforce and deliver on the promise of providing a safer online life for families and businesses around the world.”
Will Griffith, Founding Partner of ICONIQ Growth, who will join 1Password’s Board of Directors as part of this investment, said, “In conversations with more than 100 CISOs, CIOs, CTOs, developers and IT leaders , we were impressed with their relentless passion for 1Password’s ability to balance high security standards with a deep understanding of human behavior.
“By making safe online behavior second nature, 1Password not only protects individuals but also the businesses where they work.”
John Curtius, Partner at Tiger Global, added, “As a high-growth, pioneering company capturing a major market, 1Password is the perfect fit for Tiger Global.
“The blurring lines between work and home, the explosion of cloud applications and growing threats have made protecting our digital lives more important than ever.
“1Password stands out for its experience in scaling world-class solutions built around the greatest risk and opportunity: humans.
The music industry around the world