Funding round
1Password Series B
1Password, which works in identity and access management solutions in Toronto, raised $100M in a Series B round announced on 27 Jul 2021, led by Accel, at a $2.00B post-money valuation. 4 firms took part, 1 of them already investors. It is 1Password's second venture round on record; the one before was a Series A in Nov 2019.
$100M
Amount raised
$2.00B
Post-money valuation
$1.90B pre-money
4
Investors
1 lead
5.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced 1Password at $2.00B after the new money. The $100M bought investors about 5.0% of the company. It came 20 months after 1Password's Series A. It is 11% of the $920M 1Password has raised in the venture rounds on record. 1Password raised again 6 months later: a Series C round of $620M in Jan 2022, at $6.80B post-money.
Investors
Who put money in
Accel led the round with 3 other firms. Accel had backed 1Password before.
Lead investor
- Accel backs 581 venture-backed companies existing investor
Also in the round
- Sound Ventures backs 114 venture-backed companies new investor
- backs 30 venture-backed companies new investor
- Slack Fund new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
999 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 3.2 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Remote Tech Companies | 13 Jul 2021 | $150M | $1.00B | Accel |
| Tech Companies | 27 Jul 2021 | $100M | $500M | CRV and Highland Europe |
| OpenSea Tech Companies | 20 Jul 2021 | $100M | $1.50B | Andreessen Horowitz |
| Tech Companies | 21 Jul 2021 | $90M | not disclosed | JAZZ Venture Partners and Temasek |
| Tech Companies | 28 Jul 2021 | $77M | $500M | General Atlantic |
| Tech Companies | 28 Jul 2021 | $65M | not disclosed | Accel-KKR |
| Tech Companies | 21 Jul 2021 | $65M | $340M | CRV |
| Tech Companies | 1 Jul 2021 | $56M | not disclosed | Tiger Global |
Sources
Where this comes from
Reported by 5 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did 1Password raise in its Series B round?
1Password raised $100M in its Series B round, announced in Jul 2021.
Who led 1Password's Series B round?
Accel led it, with Sound Ventures, Skip Capital and Slack Fund.
What was 1Password's valuation at the Series B round?
$2.00B post-money ($1.90B pre-money).
How does it compare with other Series B rounds in Tech Companies?
999 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 3.2 times the median.
Did 1Password raise again after this round?
Yes: a Series C round in Jan 2022 of $620M at $6.80B post-money.