Password Management Company 1Password Raises $200 Million
Toronto-based password manager company 1Password has raised US$200 million in its first round of institutional funding. This is the first time the company has raised outside funding in its 14 year history. The password management software creates and stores complex passwords for users, who can auto-fill their credentials on various platforms. Users only need to remember one master password to access all of their login credentials.
The financing was led by US-based venture capital firm Accel, which has previously invested in companies such as Facebook, Spotify, Venmo, and Canada’s Hootsuite Media. 1Password originally marketed its products to single users, but has gained over 50,000 corporate and government customers since offering its enterprise option in early 2016. As reported by BetaKit, 1Password has grown its business-to-business revenue by over 300% in the past two years. Accel partner Arun Mathew said he was impressed with 1Password because unlike many fast-growing software companies, 1Password has been “extremely profitable since day one”.
The financing is part of a growing trend of Canadian technology companies raising hundreds of millions of dollars in single rounds, such as Montreal-based Coveo, Newfoundand-based Verafin, and British Columbia-based Clio.
Author: Ida Mahmoudi, 2019/2020 Articling Student-at-law
Photo Credit: https://unsplash.com/@mr_fresh
Expertise
Insights
-
Privacy and Data Protection
Canadian Privacy Regulators Publish Findings and Guidance on OpenAI Privacy Compliance
Following a multi-year joint investigation, federal and provincial privacy regulators recently published their findings with respect to OpenAI’s collection and use of personal information to train… -
Technology
Anthropic Prepares for Public Markets
Anthropic, one of the world’s leading AI firms, has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission, paving the way for a potential initial… -
Technology
Blast-off: The Race to IPO in the American Technology Landscape
On May 20, 2026, Space Exploration Technologies Corp. (“SpaceX”) filed an S-1 form with the United States’ Securities and Exchange Commission, indicating its intention to launch an initial public… -
Technology
Humans: 0, Robot: 1 – Sony’s Project Ace Robot Beats the Pros
Developed by Sony AI, a new robot named Ace has outperformed elite table tennis players, marking a significant milestone in AI and robotics. While AI systems have previously rivalled or surpassed… -
Technology
TikTok Cleared to Continue Canadian Operations Following National Security Review
The Government of Canada (the “Government”) has concluded its most recent national security review of TikTok, the popular short-form video platform owned by Chinese technology company ByteDance Ltd… -
Technology
Confined Space Robotics Awarded $1.5M Contract to Automate Blast and Paint at Seaspan Shipyard
Confined Space Robotics (“CSR”) has been awarded a $1.5 million contract by Seaspan Shipyards to develop and integrate abrasive blast and paint robotic systems at Seaspan’s Vancouver shipyard. Seaspan…