1Password raises $620 mln, valuation jumps to $6.8 billion

Cyber security startup 1Password has raised $650 million in its latest round of funding.

The funding round was led by ICONIQ Growth and is now valued at $6.8 billion.

1Password CEO, Jeff Shimer said the company has more than tripled its head count to about 570 in two years and expects to double that again this year.

The funds raised will also be used for strategic acquisitions to help grow the business.

1Password’s technology makes it easier for employees to log into their company system.

1Password also gives companies visibility into what apps employees are downloading without permission from their IT teams. When employees leave the company the tech makes it easy to ensure they don’t keep access to the company systems.

1Password said Tiger Global, Lightspeed Venture Partners, and Accel also joined this funding round.

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