On November 14, 2019, 1Password announced that it has completed its first institutional funding round of US$200 million. The round was led by venture capital firm, Accel. This round marks one of the largest ever Series A rounds raised by a Canadian tech company. The funding will allow 1Password to scale its Enterprise Password Manager (EPM) globally by investing heavily in product and go-to-market programs to expand its enterprise footprint and enable any company to secure identities and sensitive data.
Toronto-based 1Password offers a password manager that can be integrated into web browsers, allowing for easier log in to websites, entering credit card information, filling registration forms and generating strong passwords, all of which are stored in the manager platform under one master password.
Accel is a US venture capital firm, which has previously invested in platforms such as Facebook, Dropbox, Spotify and Venmo. Their goal is to partner with exceptional founders with unique insights, from inception through all phases of growth.
Osler, Hoskin & Harcourt LLP advised Accel with a team consisting of Ed Vandenberg (Corporate), Kosta Starostin (Emerging and High Growth Companies), Sam Ip (Technology), Patricia Kosseim, John Salloum (Privacy and Data Management), and Parker Elliot (Technology).