1Password Closes $200M Series A Led by Accel to Bring Enterprise Password Managers to Every Business
Summary
The company is taking on its first outside investment after 14 years of strong organic growth and profitability in order to scale its Enterprise Password Manager (EPM) globally. Secure vaults provide a safe place to share files and data too sensitive for email, while reporting and management tools give IT visibility into breaches and compromised accounts. Thats created a virtuous cycle where customer feedback keeps us ahead of the game by highlighting the latest services users want, from Face ID to Slack integrations to the next big platform. 1Password will use the funding round to expand its EPM deeper into the enterprise, helping businesses prevent breaches, reclaim time spent guessing or resetting passwords, and better understand the online services employees use, thereby reducing IT demands. "Like Atlassian and Qualtrics, the 1Password team impressed us by building a business thats not only scaling extremely quickly but also has been profitable since day one--and thats why today were making the biggest single investment in Accels more than 35-year history.
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