It also sets 1Password apart in a crowded field of rivals including LastPass and Dashlane.ġPassword generates US$150-million in annualized revenue, up from US$120-million six months ago, and plans to double its 570-person staff this year. He described the cash influx as “courage capital” to spend on product, hiring and acquisitions. The deal wouldn’t have cracked last year’s list of 25 largest VC deals in the U.S.ġPassword has been profitable since its early days and “we don’t need the funds,” said CEO Jeff Shiner in an interview. While the 1Password deal is unprecedented by Canadian standards, its size is more common in Silicon Valley, as private tech companies continue to command huge valuations despite sagging share prices for their public peers. That is 60 per cent higher than the prior inflation-adjusted high set in 2020. The deal comes on the heels of a record-smashing 2021 for the Canadian tech sector, when domestic startups raised $16-billion in VC, according to preliminary data from Refinitiv. Shopify, Slack executives join $100-million financing of Toronto’s 1Password as valuation hits $2-billion The 1Password deal also has investment from celebrities including actors Robert Downey Jr., Chris Evans, Scarlett Johansson, Matthew McConaughey and Canadian Ryan Reynolds, musicians Justin Timberlake and Pharrell Williams, plus General Motors chief executive officer Mary Barra GM-N and former Walt Disney Co.
private capital firms are in the deal: Tiger Global, a prolific investor in Canada’s tech sector, Lightspeed Venture Partners and Accel. co-founder Henry Kravis and James Murdoch. The funding was led by San Francisco’s Iconiq Capital, the family office for tech luminaries including Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey and Chamath Palihapitiya, plus KKR & Co.
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