- 1Password has announced that it has raised about C$ 100 million in its latest funding round.
- The funding was led by venture capital firm Accel, actor Ashton Kutcher's Sound Ventures, among others.
- 1Password is said to be supported by over 400 people worldwide.
Toronto-based tech firm 1Password created quite a buzz on Tuesday, July 27, after it announced that it has raised about C$ 100 million in its latest funding round.
The funding, led by venture capital firm Accel, actor Ashton Kutcher's Sound Ventures, etc., reportedly saw the password management company’s valuation inflate to C$ 2 billion.
The development has gained traction investor attention, who seem to be wondering about 1Password's initial public offering (IPO) as the cybersecurity industry has grown amid rising cyber-attacks during the pandemic.
1Password claims to be a profitable company that was not actively looking for new investments. Now that it has it, the Canadian tech startup plans to use the money to accelerate business operations and ensure that it continues to deliver cybersecurity solutions to protect the interests of its clients.
A little about 1Password
Started by two friends in 2005, 1Password is presently said to be supported by over 400 people worldwide. To describe the company's business operations in simple words, 1Password is a software enterprise that gives its users the space to store sensitive information like passwords and software licences.
In 2019, the Toronto-based company held its first-ever round of funding where it secured a capital of C$ 200 million. Since then, the firm has reportedly won the trust of 80,000 businesses that use 1Password to keep their information safe.
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The COVID-19 pandemic has amplified the use of apps and software-as-a-service (SaaS) solutions to get the work done from remote locations. Present working conditions have made it essential for users to keep their passwords protected and access certain cybersecurity services.
Amid this growing treatment, 1Password could note a spike in its revenues and business operations going forward.
Can you buy the 1Password stock?
The Canadian technology company has not announced official plans to go public and it seems like investors will have to wait a while before 1Password becomes a publicly-traded company.
If and when the IPO happens, investors are likely have an option to buy pre-IPO shares or invest in it post public debut.