Password management and online security platform 1Password has hit a $6.8bn valuation thanks to a hefty Series C round led by ICONIQ Growth and backed by celebrities including Scarlett Johansson and Robert Downey Jr.
Tiger Global, Lightspeed Venture Partners, Backbone Angels, and Salesforce Ventures also took part in the $620m investment round – the largest ever raised by a Canadian company.
Accel, who led the company’s Series A and B, and previous investor Slack Fund also committed new capital through the Series C.
Celebrities including Ryan Reynolds, Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake and Pharrell Williams also committed to the business through the round.
1Password said that according to the 2020 Verizon Data Breach Investigations Report, 85% of all company data breaches involved a human element, demonstrating the need to design security products around individuals, not infrastructure.
It added that pandemic trends such as remote and hybrid working are exacerbating the problem.
ICONIQ Growth founding partner Will Griffith said, “In conversations with more than one hundred CISOs, CIOs, CTOs, developers, and IT leaders, we were impressed by their overwhelmingly fierce passion for 1Password’s ability to balance strict security standards with a profound understanding of how humans behave.
“By making safe online behavior second nature, 1Password is not only protecting individuals but also the enterprises where they work.”
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