Millions in recent funding make 1Password one of Canada’s most valuable tech companies

Tiger Global, Lightspeed Venture Partners and Backbone Angels were some of the corporations that joined this round of funding

Toronto-based cyber security company 1Password has grown its net worth into billions.

A statement from the company shows it raised $620 million USD (roughly $774 million CAD) in recent rounds of funding. This is the largest amount raised by a Canadian company.

1Password is now valued at $6.8 billion USD (roughly $8.4 billion CAD).

The company creates technology that helps businesses keep their information safe and focuses its products around human actions. It allows companies to keep track of what apps employees are downloading without permission, breaching possible security guidelines.

“Our mission has always been to ease the tension between security and convenience, and the opportunity to deliver on this has never been bigger for 1Password,” Jeff Shiner, CEO of 1Password, said in a statement.

Investments came from a barrage of people, including celebrities and CEOs. Executives at LinkedIn, General Motors, and Snowflake Computing are also investing.

Over the past 24 months, the company’s customer base grew past 100,000, leading to the hiring of 570 employees.

The company will use the additional funds to develop security solutions that will help companies protect private data and other information. This will focus on improving the company’s existing security measures and creating better habits for employees.

“That way, we can tackle the biggest security threats facing the modern workforce and deliver on the promise of providing a safer life online for families and businesses around the world,” Shiner said.

Image credit: ShutterStock

Source: 1Password