Password management solutions provider 1Password today announced receiving a $100 million investment that increases its valuation to $2 billion. Previously, the company raised $200 million in a Series A funding round.
The latest funding round was led by Accel, with new investors Sound Ventures and Skip Capital also participating. 1Password says it will use the funds to continue to accelerate business growth.
The company says it has experienced significant growth since the previous funding round, and that it has expanded its business offerings over the past months, with products such as Secrets Automation, 1Password Events, and a full-featured Linux desktop application, as well as integrations with Slack and Rippling.
Founded in 2005, 1Password provides private, secure password management solutions for both enterprises and end-users. The company claims to have more than 90,000 business customers, such as GitLab, IBM, Intercom, Slack, and Under Armour.
“This investment from a range of industry luminaries signals a commitment to protecting businesses and families. We’re already working closely with our experienced investors to accelerate growth into new areas, including secrets management, as we help customers stay ahead of the never-ending parade of threats,” Jeff Shiner, CEO of 1Password, said.