Funding round
1Password Series C
1Password, which works in identity and access management solutions in Toronto, raised $620M in a Series C round announced on 19 Jan 2022, led by ICONIQ Growth, at a $6.80B post-money valuation. 7 firms took part. It is 1Password's third venture round on record; the one before was a Series B in Jul 2021.
$620M
Amount raised
$6.80B
Post-money valuation
7
Investors
1 lead
3.4x
Step-up from the Series B
$2.00B in Jul 2021
9.1%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced 1Password at $6.80B after the new money, 3.4 times the $2.00B of its Series B (Jul 2021). The $620M bought investors about 9.1% of the company. It came 6 months after 1Password's Series B. It is 67% of the $920M 1Password has raised in the venture rounds on record. No later venture round is on record for 1Password.
Investors
Who put money in
ICONIQ Growth led the round with 6 other firms.
Lead investor
- ICONIQ Growth new investor
Also in the round
- Tiger Global new investor
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
- backs 2 venture-backed companies new investor
- Salesforce Ventures backs 314 venture-backed companies new investor
- Accel backs 581 venture-backed companies new investor
- Slack Fund new investor
Joined the board: Will Griffith (ICONIQ Growth).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
488 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 10 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 5 Jan 2022 | $400M | $17.50B | ICONIQ Growth |
| OpenSea Tech Companies | 4 Jan 2022 | $300M | $13.30B | Paradigm and Coatue |
| Dream Games Tech Companies | 18 Jan 2022 | $255M | $2.75B | Index Ventures |
| Tech Companies | 11 Jan 2022 | $150M | $1.00B | K1 Investment Management |
| Tech Companies | 20 Jan 2022 | $150M | not disclosed | SoftBank Vision Fund |
| Tech Companies | 19 Jan 2022 | $150M | not disclosed | Lightspeed Venture Partners and Tiger Global |
| Tech Companies | 18 Jan 2022 | $114M | $1.00B | Tiger Global |
| Tech Companies | 11 Jan 2022 | $111M | $1.40B | Brookfield |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did 1Password raise in its Series C round?
1Password raised $620M in its Series C round, announced in Jan 2022.
Who led 1Password's Series C round?
ICONIQ Growth led it, with Tiger Global, Lightspeed Venture Partners, Backbone Angels, Salesforce Ventures and Accel and 1 more.
What was 1Password's valuation at the Series C round?
$6.80B post-money.
How does it compare with other Series C rounds in Tech Companies?
488 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 10 times the median.