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Re:

1Password Raised $620 Million in 2022 Series C at a $6.8 Billion Valuation

1Password closed a $620 million Series C in January 2022 at a stated $6.8 billion valuation, led by ICONIQ Growth. The figure applies to that financing, not a verified present-day valuation.
From TheFinanceBase Team2 min to read
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1Password announced on January 19, 2022, that it had closed a $620 million Series C financing at a $6.8 billion valuation. ICONIQ Growth led the round. The valuation belongs to that 2022 financing announcement; it is not a verified current valuation.

What 1Password’s Series C announced

The company said it raised $620 million and was valued at $6.8 billion in the financing, announced as closed on January 19, 2022. CEO Jeff Shiner described the round in the company’s announcement as its latest investment round. The figures are historical terms of that transaction, not an indication of what the company is worth today.

Who invested in the round?

ICONIQ Growth led the financing. 1Password also named Tiger Global, Lightspeed Venture Partners, Backbone Angels, Accel, Salesforce Ventures, and Slack Fund among the participating investors. The company’s January 2022 release described the round as the largest raised by a Canadian company at that time. That is a claim tied to the date of the announcement, not a current record.

What 1Password said it would do with the capital

Shiner said the company intended to develop and scale “human-centric security solutions” and help people protect sensitive information across work and personal life. The announcement also described plans to expand the business. These were stated intentions for the funding; the financing announcement itself does not establish what results followed.

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What the valuation does—and does not—tell you

A disclosed valuation attached to a private-company funding round is a transaction-era figure. Here, $6.8 billion refers to the valuation announced alongside 1Password’s Series C in January 2022. It should not be treated as a present-day market price or a publicly verified current valuation. The available company materials do not establish a later valuation or financing.

How the company’s product scope has changed

Current 1Password materials position the business as an identity-security provider for people and AI agents, a broader framing than a password manager alone. Its enterprise page presents Unified Access as bringing together Enterprise Password Manager, Device Trust, SaaS Manager, and Privileged Access. These are current company descriptions and are separate from what the firm announced about its 2022 financing.

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The company’s security documentation describes its security model, including PBKDF2-HMAC-SHA256 for key derivation. That is a description from the provider’s documentation, not an independent security assessment.

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