1Password Announced Receiving a $100 Million Increases its Valuation to $2 Billion

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1Password, a password management software company, revealed today that it has received a $100 million investment, bringing its total worth to $2 billion. The company had raised $200 million in a Series A round of funding.

Accel led the newest round of fundraising, which also included new investors Sound Ventures and Skip Capital. The funds will be used to help 1Password continue to build its business, according to the company.

Secrets Automation, 1Password Events, and a full-featured Linux desktop application, as well as connections with Slack and Rippling, the company claims it has achieved considerable growth since the previous financing round and has expanded its commercial services over the past months.

1Password, which was founded in 2005, provides private, secure password management solutions for both businesses and end-users. GitLab, IBM, Intercom, Slack, and Under Armour are among the company’s more than 90,000 enterprise customers.

“This contribution from a diverse group of industry leaders demonstrates a dedication to safeguarding businesses and families. As we assist clients keep ahead of the never-ending parade of dangers, we’re already working closely with our seasoned investors to drive growth into new areas, like secrets management,” said Jeff Shiner, CEO of 1Password.

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