The company now employs 570 people-up from 177 at the beginning of 2020-and aspires to double its headcount in 2022, according to Shiner. The latest funding round will also enable 1Password to continue its aggressive pace of hiring, he said. The company recently launched its 1Password Partner Program with the aim of working more closely with indirect IT partners, who can include the 1Password platform as part of a broader security offering for end customers, Shiner said. The funding will go toward continued development of 1Password’s product offerings and support for further growth in the market, including through channel partners. Those include business executives such as LinkedIn executive chairman Jeff Weiner, General Motors CEO Mary Barra, CrowdStrike CEO George Kurtz, and Robert Iger, formerly the CEO of The Walt Disney Company.Ĭelebrities that participated as investors in the round included Scarlett Johansson, Matthew McConaughey, Ryan Reynolds, Robert Downey Jr., Chris Evans, Ashton Kutcher, Trevor Noah, Justin Timberlake, Pharrell Williams, and Rita Wilson. Numerous individual investors also took part in the round.
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The series C round was led by Iconiq Growth and included funding from Tiger Global, Lightspeed Venture Partners, and Backbone Angels - as well as from Accel, which had led the company’s previous two rounds. “Our consumer background has helped tremendously in that.” Growth funding “If you can’t get your tool used by the actual people you’re trying to protect, it’s not going to be a useful tool,” Shiner said.
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Toronto-based 1Password was founded in 2005, and the original focus on providing easier-to-use password management for consumers has been critical to helping the company to succeed with B2B customers, he said. “That’s one of the most-requested capabilities that we’ll be adding.” Shadow IT is “a real challenge, because it’s next to impossible to capture at the infrastructure layer,” Shiner said. This will include providing aggregated data to customers about what apps are being adopted by employees, according to the company.
Looking ahead, 1Password plans to help businesses to tackle shadow IT - i.e., the use of applications by employees for work without the knowledge of the IT department.
Other challenges that 1Password assists businesses with include enabling better security hygiene and a greater understanding of potential threats - for instance, from a former employee who still has access to a company’s systems. Along with integrating with single sign-on (SSO) and multi-factor authentication (MFA) tools, 1Password can also feed data on security-related events - such as failed log-in attempts - into security information and event management (SIEM) tools such as Splunk.
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