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1Password Revenue, Valuation, Funding & Investors
1Password is valued at $6.8B as of October 2025, a 17.0x revenue multiple. 1Password revenue was $400M, as disclosed with its latest round.
Last 1Password valuation
$6.8B
Secondary · Oct 2025
Last 1Password funding round
$620M
Series C · Jan 2022
1Password revenue
$400M
Secondary · Oct 2025
Key investors in 1Password
Accel
Slack Fund
Gerhard Eschelbeck
Scott Farquhar
Michael Cannon-Brookes
Lightspeed Venture Partners
About 1Password
1Password is a Toronto-based password and identity security company built by the Canadian software firm AgileBits, which released the first version of the 1Password password manager in 2006. It sells the password manager to individuals and families and to businesses, whose plans add shared vaults, reporting and access-management tools; apps run on Windows, macOS, iOS, Android, Linux and the main browsers. In November 2025 it reported more than $400 million of annual recurring revenue, up from $250 million in 2023, with 180,000 business customers, more than 75% of revenue from businesses, gross retention above 90% and positive free cash flow. It took its first outside funding in 2019 ($200 million Series A led by Accel), then raised a $100 million Series B at a $2 billion valuation in 2021 and a $620 million Series C led by ICONIQ Growth at $6.8 billion in January 2022; a $100 million secondary in October 2025 held that valuation. David Faugno is chief executive and former chief executive Jeff Shiner is board chair.
Founded
2005
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Subscription
Revenue
$400M (Oct 2025)
Valuation
$6.8B (Oct 2025)
1Password Valuation
1Password is currently valued at $6.8B, based on its secondary sale in October 2025. Read the announcement ↗
The $100M round included Flume Ventures and The Halo Fund.
1Password's valuation has grown 3.4x from $2B at its Series B in July 2021 to $6.8B in October 2025, across 3 priced rounds.
1Password valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2025 | Secondary | $6.8B | 17.0x |
| Jan 2022 | Series C | $6.8B | 45.3x |
| Jul 2021 | Series B | $2B | 16.7x |
1Password Revenue
1Password's latest recorded revenue is $400M, as of its secondary sale in October 2025. At a $6.8B valuation, that implies a 17.0x revenue multiple.
Revenue grew from $120M in July 2021 to $400M in October 2025, while the revenue multiple moved from 16.7x to 17.0x.
1Password revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2025 | $400M | $6.8B | 17.0x | Secondary |
| Jan 2022 | $150M | $6.8B | 45.3x | Series C |
| Jul 2021 | $120M | $2B | 16.7x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
1Password Funding History
1Password has raised a total of $920M across 3 funding rounds, plus 1 secondary share sale.
1Password's first fundraising round was a $200M Series A in November 2019. The most recent completed round was a $620M Series C in January 2022.
1Password funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Secondary | Flume Ventures; The Halo Fund | $100M | $6.8B | 1Password completed a USD 100 million secondary sale in early October 2025, at a valuation of USD 6.8 billion that matched the level set in its 2022 Series C. The shares were sold by founders and long-tenured employees, and no new capital went to the company, which its chief executive David Faugno described as cash-flow positive with a strong balance sheet. The Halo Fund, founded by Qualtrics co-founder Ryan Smith and Accel partner Ryan Sweeney, bought about USD 75 million of the shares, and Flume Ventures, backed by Scott McNealy and Manoj Apte, also participated; 1Password became the official cybersecurity partner of Smith's Utah Jazz and Utah Mammoth teams. In November 2025 the company reported more than USD 400 million of annual recurring revenue, 180,000 business customers and positive free cash flow, with more than 75% of revenue coming from businesses. The transaction followed the USD 620 million Series C of January 2022, and the company remained privately held with IPO ambitions. |
| Jan 2022 | Series C | ICONIQ Capital (lead); Salesforce Ventures; Backbone Angels; Slack Fund; Lightspeed Venture Partners; Tiger Global; Accel | $620M | $6.8B | 1Password, a Toronto-based password management platform offering human-centric security solutions including password vaults, access management, two-factor authentication, and passkeys across Mac, Windows, Android, iOS, and web, closed a $620 million Series C funding round on January 19, 2022, led by ICONIQ Growth with participation from Tiger Global, Lightspeed Venture Partners, Backbone Angels, Accel, Salesforce Ventures, and celebrities like Ryan Reynolds, Robert Downey Jr., and Justin Timberlake. This marked the largest funding round for a Canadian company, bringing total funding to $920 million and elevating the post-money valuation to $6.8 billion. The round followed strong growth, with paying business customers expanding from 90,000 to over 100,000 since the July 2021 Series B, including major clients like Datadog, Intercom, Snowflake, IBM, Slack, and Shopify, alongside annual recurring revenue exceeding $150 million in 2021 and more than 70% year-over-year B2B growth. Headcount grew from 475 to 570 employees, fueled by remote/hybrid work trends, cloud app adoption, and burnout acceleration. Proceeds will triple engineering and customer support teams, enhance business-focused Events API for sign-in visibility, pursue strategic acquisitions following the prior Secrets Hub deal, deepen enterprise integrations, expand authentication and passkey support, and scale global go-to-market while addressing shadow IT and modern workforce security threats in a competitive landscape with players like LastPass. ICONIQ Growth partner Will Griffith joined the board, citing 1Password's balance of strict security and human behavior understanding, validated by CISOs, CIOs, and IT leaders. CEO Jeff Shiner emphasized capital for big bets without immediate exit plans, positioning the company to humanize digital security amid rising authentication needs from distributed workforces and SaaS proliferation. |
| Jul 2021 | Series B | Accel (lead); Sound Ventures; Gerhard Eschelbeck; Michael Cannon-Brookes; Scott Farquhar; Slack Fund; Skip Capital | $100M | $2B | 1Password, a Toronto-based password management company founded in 2005, provides secure password solutions for individuals and businesses, expanding into secrets automation, events API, and Linux apps. The company raised $100 million USD in a Series B round on July 27, 2021, led by Accel, with participation from Sound Ventures, Skip Capital, and angels including Shopify's Tobi Lütke, Slack's Stewart Butterfield, and others. This round doubled the post-money valuation to $2 billion USD from the prior $1 billion USD Series A in 2019. At the time of the round, 1Password reported $120 million in annual recurring revenue (ARR), up significantly from the 2019 raise, with over 90,000 business customers including Shopify, IBM, Slack, GitLab, Under Armour, and PagerDuty, nearly doubling from 50,000 previously. The company has been profitable since inception, a rare profile in the security space, enabling aggressive growth in go-to-market, marketing, and product expansion beyond passwords. Accel highlighted 1Password's strong fundamentals amid market tailwinds in security, viewing it as a generational opportunity in passwordless and secrets management. Funds will accelerate scaling operations, infrastructure security, and integrations with tools like Splunk and Rippling. This marks Accel's largest security investment, signaling high conviction with 24 active security portfolio companies. |
| Nov 2019 | Series A | Accel (lead); Gerhard Eschelbeck; Michael Cannon-Brookes; WndrCo; Scott Farquhar; Slack Fund; Sujay Jaswa; Jay Simons | $200M | - | 1Password, a Toronto-based password manager founded in 2005, raised $200 million in a Series A funding round on November 14, 2019, led by Accel—marking Accel's largest single investment in its 35-year history—with participation from Slack Fund, Atlassian executives including co-CEOs Jay Simons, Michael Cannon-Brookes, and Scott Farquhar, former Google CISO Gerhard Eschelbeck, WndrCo's Sujay Jaswa, and other angels. The funding came after 14 years of bootstrapped organic growth and profitability since day one, aimed at scaling its Enterprise Password Manager (EPM) globally, deepening enterprise penetration, and investing in product and go-to-market initiatives. At the time, 1Password served over 50,000 companies and millions of individual users, with its enterprise business growing over 300% in the prior two years to comprise a majority of revenue; notable examples include rapid adoption by a Fortune 50 client onboarding 50,000 employees in two weeks. Secondary sources from later rounds retrospectively note 1Password had over $50 million in annual recurring revenue (ARR) and 50,000 customers at the 2019 raise, highlighting its pre-funding strength and appeal to investors like Accel partner Arun Mathew, who praised its rapid scaling and profitability. The company positioned EPM as a foundational layer complementing single sign-on and multi-factor authentication, targeting identity and sensitive data security for businesses amid rising SaaS adoption. Investors saw it as uniquely positioned in the security market, with angels also among its customers like Shopify and Slack. Post-2019, 1Password continued rapid growth, raising a $100 million Series B in 2021 led by Accel at a $2 billion valuation (doubling from prior), with ARR reaching $120 million and customers expanding to 90,000 businesses including IBM, GitLab, Under Armour, and PagerDuty. A 2022 Series C of $620 million at $6.8 billion valuation brought total funding to $920 million, with 2021 ARR over $150 million and 2022 revenue at $200 million per some reports. |
Who has invested in 1Password?
17 investors have backed 1Password across its funding rounds, including Accel, Slack Fund, Gerhard Eschelbeck, Scott Farquhar, Michael Cannon-Brookes and Lightspeed Venture Partners.
Lead investors include ICONIQ Capital and Accel.
1Password Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Nov 2019 | ||
| 3 | Lead | Nov 2019 | ||
| 2 | Participant | Nov 2019 | ||
| 2 | Participant | Nov 2019 | ||
| 2 | Participant | Nov 2019 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Lead | Jan 2022 | ||
| 1 | Participant | Nov 2019 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Nov 2019 | ||
This data is available for Pro users. Sign up to see all 17 1Password investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by 1Password
1Password has acquired 5 companies to date.
Last acquisition by 1Password was on June 14th 2026. 1Password acquired Apono for $275M.
Latest Acquisitions by 1Password
| Description | Apono is a Tel Aviv-based identity orchestration platform automating just-in-time access for cloud and SaaS environments. It provisions permissions to resources like AWS S3 buckets, Kubernetes clusters, and Salesforce instances based on contextual policies. The system deprovisions access automatically post-use, supporting Zero Trust models. Apono integrates with IdPs such as Okta and Ping Identity. Launched in 2022, it secures workloads for fintech and healthcare firms across hybrid infrastructures. | Trelica is a SaaS management platform that provides IT teams with visibility into application usage, spend, security risks, and data privacy issues. The tool analyzes software deployments across organizations to recommend optimizations, identify shadow IT, and enforce compliance. San Francisco-headquartered Trelica helps enterprises control costs and mitigate risks in multi-cloud environments serving thousands of customers worldwide. | Kolide is a Boston-based SaaS security platform integrating with Slack to deliver personalized compliance recommendations for Linux, Mac, and Windows devices. Serving over 250 customers, it issues millions of tailored security notifications, emphasizing honest security practices over device lockdowns for organizational policy enforcement. | Passage is an Austin-headquartered identity management company founded in 2021. It delivers passwordless authentication for web and mobile apps, streamlining user verification without traditional credentials via passage.id. | |
| HQ Country | |||||
| HQ City | New York City, NY | Cambridge | Boston, MA | Austin, TX | |
| Deal Date | 14 Jun 2026 | 7 Jan 2025 | 20 Feb 2024 | 3 Nov 2022 | |
| Valuation | $275M | undisclosed | undisclosed | $50M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all 1Password acquisitions and their M&A valuation multiples. Start Free Trial | |||||
1Password Competitors
1Password competitors include listed companies like CommVault Systems, Trend Micro and Qualys, and private ones like Island, Snyk and Verkada.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | $84M | $6.8B | 5.4x | ||
| Private | $200M | - | $6.4B | 32.0x | ||
| Private | - | - | $7.4B | - | ||
| Publicly listed | $1.8B | $481M | $6B | 2.4x | ||
| Publicly listed | $669M | $236M | $7.8B | 10.2x | ||
| Private | - | - | $5.8B | - |
1Password Public Comps
1Password is still privately-owned, but its public comps include CommVault Systems, Trend Micro, Qualys, Varonis Systems, Qihoo 360, Tenable, BlackBerry, SentinelOne, Clear Secure and Netskope.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | $84M | 5.7x | 5.4x | 80.3x | 24.9x | |||
| $1.8B | $481M | 2.6x | 2.4x | 9.5x | 10.0x | |||
| $669M | $236M | 11.0x | 10.2x | 31.3x | 22.3x | |||
| $624M | ($147M) | 8.7x | 7.5x | (36.8x) | 199.0x | |||
| $1.3B | $71M | 4.1x | 4.0x | 76.3x | (298.9x) | |||
| $999M | $31M | 5.7x | 5.3x | 180.0x | 20.0x | |||
| $549M | $83M | 8.7x | 7.9x | 57.7x | 34.1x | |||
| $1B | ($267M) | 8.1x | 7.0x | (30.3x) | 47.5x | |||
This data is available for Pro users. Sign up to see all 1Password competitors and their valuation data. Start Free Trial | ||||||||
Common questions about 1Password
| When was 1Password founded? | 1Password was founded in 2005. |
| Where is 1Password headquartered? | 1Password is headquartered in Canada. |
| Is 1Password publicly listed? | No, 1Password is a private, VC-backed company. |
| What is 1Password's valuation? | 1Password was last valued at $6.8B in its secondary sale in October 2025. |
| How much funding has 1Password raised? | 1Password has raised $920M across 3 funding rounds. |
| What was 1Password's last funding round? | 1Password's last funding round was a $620M Series C in January 2022, led by ICONIQ Capital. |
| Who are 1Password's investors? | 1Password's investors include Slack Fund, Accel, Gerhard Eschelbeck, Michael Cannon-Brookes, Scott Farquhar, Salesforce Ventures, Sound Ventures, ICONIQ Capital, WndrCo, Backbone Angels and 7 others. |
| What is 1Password's revenue? | 1Password's latest recorded revenue is $400M (October 2025). |
| What is 1Password's revenue multiple? | 1Password's latest valuation implies a 17.0x revenue multiple ($6.8B valuation on $400M of revenue). |
| Which companies are comparable to 1Password? | Companies comparable to 1Password include CommVault Systems, Island, Snyk, Trend Micro, Qualys and Verkada. |
| How many companies has 1Password acquired? | 1Password has acquired 5 companies, including Apono, Trelica, Kolide, Passage and SecretHub. |
| What was the largest acquisition by 1Password? | The $275M acquisition of Apono in June 2026 is the largest acquisition 1Password has made to date. |
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