1Password raises $620m, valuation triples

1Password, based in Toronto, announced on Wednesday that it had raised $620 million in a funding round headed by investment company ICONIQ Growth, more than tripling its valuation as the cybersecurity startup looks to expand through strategic acquisitions.

Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., and Ashton Kutcher were among the celebrities who took part in one of the largest security investment rounds, which valued the firm at $6.8 billion.

The funding comes as the pandemic-driven work-from-home trend enters its second year, during which 1Password has more than tripled its personnel to meet companies’ growing data security challenges.

Chief Executive Officer Jeff Shiner said the company intends to quadruple its staff of around 570 people this year as it seeks to capitalize on expanding cybersecurity needs.

The new capital will be used by 1Password to create and grow human-centric security solutions that will make it easier for people to protect their most sensitive data and information.