1Password announced that it had raised $100 million in new funding based on a $2 billion valuation.
The financing round was led by Accel. 1Password has already achieved profitability by doubling its number of paying business customers to 90,000 and generating $120 million in recurring ARR revenue annually.
1Password raised $200 million in 2019 from Accel, Slack through the Slack Fund and Atlassian’s founders back in 2019 for its first-ever round of funding.
1Password is pioneering various forms of passwordless authentication, including close integration with touch ID and Face ID to enable macOS and iOS users to unlock 1Password.
As businesses continue to expand their use of software-as-a-service products (SaaS), 1Password will use this round of funding to ensure that they receive a significant portion of the $1.3 billion password management industry.
The shift to a remote location has made companies the target of phishing attacks and password breaches, and 1Password offers a variety of services to businesses ranging from small teams to large Fortune 100 companies.
In early July, 1Password launched a new API that enables companies to integrate 1Password into security information and event management platforms such as Splunk.
For more information, read the original story from 9 to 5 Mac.