Toronto-based 1Password has today announced that it has raised $200 million in a massive Series A funding round led by Accel, a San Francisco-based venture capital firm that powers a global community of entrepreneurs. The financing also marks Accel’s largest single check written in one round.
What represents the first round of external funding in 1Password 14-year history, includes participants like Slack Fund, WndrCo, Atlassian President Jay Simons, and former Google CISO Gerhard Eschelbeck, among others.
1Password’s enterprise business has grown over 300% in the past three years and now comprises a majority of the company’s revenue. Its customer portfolio includes big names like IBM, Slack, PagerDuty, Dropbox, GitLab, and Roche.
The move to B2B was a brilliant one, according to Accel Partner Arun Mathew. “They weren’t looking for outside capital,” he said. “The investment ended up being the single largest check, and largest initial investment, we’ve ever made.”
1Password, Mathew noted, started out as a utility but evolved into a “core part of personal and increasingly corporate, security hygiene.”
As part of the investment, Mathew will be joining 1Password’s board.
1Password is now planning to use its new capital to “aggressively invest in its product and go-to-market programs” so that it can continue to grow its enterprise customer base.