1Password announced that it had raised $100 million in new funding based on a $2 billion valuation.<\/p>\n\n\n\n
The financing round was led by Accel. 1Password has already achieved profitability by doubling its number of paying business customers to 90,000 and generating $120 million in recurring ARR revenue annually.<\/p>\n\n\n\n
1Password raised $200 million in 2019 from Accel, Slack through the Slack Fund and Atlassian’s founders back in 2019 for its first-ever round of funding.<\/p>\n\n\n\n
1Password is pioneering various forms of passwordless authentication, including close integration with touch ID and Face ID to enable macOS and iOS users to unlock 1Password.<\/p>\n\n\n\n
As businesses continue to expand their use of software-as-a-service products (SaaS), 1Password will use this round of funding to ensure that they receive a significant portion of the $1.3 billion password management industry.<\/p>\n\n\n\n
The shift to a remote location has made companies the target of phishing attacks and password breaches, and 1Password offers a variety of services to businesses ranging from small teams to large Fortune 100 companies.<\/p>\n\n\n\n
In early July, 1Password launched a new API that enables companies to integrate 1Password into security information and event management platforms such as Splunk.<\/p>\n\n\n