1Password Revenue, Valuation, Funding & Investors
1Password is valued at $6.8B as of January 2022, a 45.3x multiple on its last reported $150M revenue.
Last 1Password valuation
$6.8B
Series C · Jan 2022
Last 1Password funding round
$620M
Series C · Jan 2022
1Password revenue
$150M
Series C · Jan 2022
Key investors in 1Password
Accel
ICONIQ Capital
WndrCo
Slack Fund
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Gerhard Eschelbeck- Jay Simons
About 1Password
1Password is a Toronto-headquartered password management solution securing logins, credit cards, and documents for individuals and enterprises. Founded in 2005, it employs AES-256 encryption and zero-knowledge architecture to protect data across devices. Business features include Watchtower for breach alerts, role-based sharing, and SSO integrations with Okta and Azure AD. Available on all major platforms, it supports teams at companies like IBM and Slack.
Founded
2005
HQ
CanadaWebsite
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Subscription
Revenue
$150M (Jan 2022)
Valuation
$6.8B (Jan 2022)
1Password Valuation
1Password is currently valued at $6.8B, based on its Series C in January 2022.
The $620M round was led by ICONIQ Capital.
1Password's valuation has grown 3.4x from $2B at its Series B in July 2021 to $6.8B in January 2022, across 2 priced rounds.
1Password valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2022 | Series C | $6.8B | 45.3x |
| Jul 2021 | Series B | $2B | 16.7x |
1Password Revenue
1Password's latest recorded revenue is $150M, as of its Series C in January 2022. At a $6.8B valuation, that implies a 45.3x revenue multiple.
Revenue grew from $120M in July 2021 to $150M in January 2022, while the revenue multiple moved from 16.7x to 45.3x.
1Password revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| 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 | - | 1Password is a Toronto-based identity security company offering subscription-based password management and access solutions for individuals, families, teams, and enterprises, securing over 1.3 billion credentials for 180,000 business customers including IBM, Salesforce, and over 30% of the Fortune 100. More than 75% of revenue derives from businesses, with gross retention above 90% and free cash flow positivity. The company supports over 1 million developers and has achieved a 70% CAGR in customer spending over $100,000 ARR in the past three years. 1Password surpassed $400 million in annual recurring revenue in October 2025, up from $331 million in 2024 and $250 million in 2023. Co-founders and long-tenured employees recently sold shares in a $100 million secondary deal, though investor details for this transaction are not specified. The company has raised approximately $920-950 million total funding, reaching a $6.8 billion valuation in its 2022 round led by ICONIQ Growth and Accel at a 34x revenue multiple on $200 million revenue then. 1Password anticipates exceeding $500 million ARR soon and reaching $1 billion within years, driven by AI security demands, with potential IPO in 2026 or 2027. It has evolved into a broader digital security platform, partnering with AI firms like Perplexity and securing seven-figure ARR accounts. |
| Jan 2022 | Series C | ICONIQ Capital (lead) | $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) | $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?
11 investors have backed 1Password across its funding rounds, including Accel, ICONIQ Capital, WndrCo, Slack Fund, Gerhard Eschelbeck and Jay Simons.
Lead investors include ICONIQ Capital and Accel.
1Password Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Palo Alto, CA | 2 | Lead | Nov 2019 | |
| San Francisco, CA | 1 | Lead | Jan 2022 | |
| Gerhard Eschelbeck | San Francisco, CA | 1 | Participant | Nov 2019 |
| Michael Cannon-Brookes |  Sydney | 1 | Participant | Nov 2019 |
| Los Angeles, CA | 1 | Participant | Nov 2019 | |
| Sydney | 1 | Participant | Nov 2019 | |
| Lake Tahoe, NV | 1 | Participant | Oct 2025 | |
| San Francisco, CA | 1 | Participant | Nov 2019 | |
| Sujay Jaswa | United States | 1 | Participant | Nov 2019 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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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 | |||||
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1Password Competitors
1Password competitors include listed companies like CommVault Systems, Qualys and SentinelOne, and private ones like Snyk, Verkada and Fireblocks.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Boston, MA | Private | $180M | - | $7.4B | 41.1x | |
| United States | Publicly listed | $1.2B | $84M | $6.2B | 5.0x | |
| United States | Publicly listed | $669M | $236M | $6.2B | 8.1x | |
| San Francisco, CA | Private | - | - | $5.8B | - | |
| New York City, NY | Private | $100M | - | $8B | - | |
| United States | Publicly listed | $1B | ($267M) | $8.1B | 6.6x |
1Password Public Comps
1Password is still privately-owned, but its public comps include Netskope, CommVault Systems, Qualys, Glory View Technology, SentinelOne, Varonis Systems, Trend Micro, BlackBerry, Qihoo 360 and Clear Secure.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $709M | ($622M) | 9.4x | 8.1x | (10.8x) | (121.6x) | |||
| $1.2B | $84M | 5.2x | 5.0x | 72.9x | 23.2x | |||
| $669M | $236M | 8.7x | 8.1x | 24.5x | 17.6x | |||
| $176M | $53M | 38.7x | 39.4x | 127.8x | 129.4x | |||
| $1B | ($267M) | 7.4x | 6.6x | (27.7x) | 47.1x | |||
| $624M | ($147M) | 8.5x | 7.5x | (36.0x) | 229.5x | |||
| $1.8B | $488M | 2.2x | 2.1x | 8.0x | 8.1x | |||
| $549M | $83M | 8.3x | 7.8x | 54.9x | 36.6x | |||
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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 Series C in January 2022. |
| 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 Accel, ICONIQ Capital, Gerhard Eschelbeck, Michael Cannon-Brookes, WndrCo, Scott Farquhar, Flume Ventures, Slack Fund, Sujay Jaswa, Jay Simons and 1 other. |
| What is 1Password's revenue? | 1Password's latest recorded revenue is $150M (January 2022). |
| What is 1Password's revenue multiple? | 1Password's latest valuation implies a 45.3x revenue multiple ($6.8B valuation on $150M of revenue). |
| Which companies are comparable to 1Password? | Companies comparable to 1Password include Snyk, CommVault Systems, Qualys, Verkada, Fireblocks and SentinelOne. |
| 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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