1Password raises $620 million and aims to double the number of employees

The password manager company 1Password has raised $620 million in an investment round. The company wants to use that extra funding to double the number of 1Password employees next year.

1Password announces the outcome of its Series C investment round in a press release. With the additional $620 million in funding, the company’s total valuation comes to $6.8 billion. The company plans to use the additional funding to hire more staff. 1Password CEO Jeff Shiner tells CNBC that the company plans to double the size of its team to more than 1,000 employees this year. It is reported to TechCrunch that it plans to expand its engineering and customer service teams, for example. 1Password says it is also looking at opportunities to acquire other companies.

1Password has grown considerably in recent years. At the end of 2019, the company already raised $200 million in an investment round and in July 2021 the company raised another $100 million. 1Password was valued at $2 billion at the time. Since its previous investment round in mid-2021, the number of customers of the company is said to have increased from 90,000 to more than 100,000. Speaking to CNBC, 1Password also told CNBC that its workforce has also grown more than three-fold since 2020, rising from 177 to 570 employees.