1Password, the popular password management tool, has closed a $620 million Series C funding round that upped the company's valuation to $6.8 billion.
The funding round was led by Iconiq Growth with participation from partners that include Accel, Tiger Global, Lightspeed Venture Partners, and Backbone Angels. News of the Series C arrives amid greater reliance on cloud applications and remote work among today's organizations.
1Password was founded in 2005 and has since grown to 570 employees, a number it plans to double this year, CEO Jeff Shiner told CNBC. In 2016, it launched an enterprise version of its password management software that integrates with other business platforms and is now used by more than 100,000 organizations.
Its first round of funding — a $200 million Series A — was announced in Nov. 2019. Nearly two years later, 1Password announced it raised $100 million in a Series B round that increased its valuation to $2 billion.
Over the past year, it has introduced its Events API so IT teams can correlate 1Password insights with other data sources, released 1Password for Safari, and partnered with Fastmail and Ramp to bring new capabilities into its tool. This year also brought its debut on Linux, the premiere of 1Password 8, and 1Password 8 on Windows. Soon, it will bring 1Password 8 to Mac.
Read 1Password's full blog post for more details.