1Password: Defining the Future of Human-Centric Security

Source: 1Password

Our passion for 1Password is personal. Many of us on the ICONIQ team have been fervent users of the platform since its days as “1Passwd” for MacOS. As early fans, we were delighted by the product’s ability to reduce friction in our web experiences through a powerful and elegant identity solution that protects our privacy and personal information. Over the years, 1Password’s rapid pace of innovation has helped it forge a new category well beyond cross-platform credential management with human-centric security at its crux. The product nurtures habits that strengthen companies’ security postures from within and allows everyone to work productively, leveraging myriad tools, confident that their private data remains protected. With our workflows increasingly migrating to the cloud, we believe the company is boldly defining this visionary approach to human-centric security, disrupting today’s environment of confusing, complex and siloed authentication methods with a comprehensive identity and access management platform. ICONIQ Growth is thrilled to support 1Password’s bold vision by leading their $620 million Series C financing, the largest in Canadian history.

We are honored to partner with Jeff, Dave, Natalia, Roustem, and Sara — 1Password’s visionary founders — and the entire 1Password team as they relentlessly work to transform how solo users, extended families, agile teams, and multinational enterprises secure their critical infrastructure, protect identities, and streamline access management.

When we first met Jeff Shiner, co-founder and CEO of 1Password, the company was in no hurry to take on external funding, having grown profitably and successfully as a bootstrapped business for nearly 14 years from inception. We instantly became enamored with Jeff, the business’ exceptional self-funded journey, and the team’s product vision for the future. From a humble passion project started by two families in a garage to the world’s most beloved identity and access manager today, 1Password’s dazzling ascent to category leadership has been characterized by nonstop innovation fueled by genuine customer compassion.

Already trusted by millions of consumers, 1Password has also become increasingly mission-critical for businesses. As organizations have adopted new tools enabling remote work, users and IT administrators collectively took on the responsibility of managing, securing, and sharing the resulting influx of new passwords and credentials. Teams discovered 1Password and became captivated by the product’s robust enterprise security posture matched with its incredible user interface and breadth of functionality. Accordingly, adoption has accelerated across both small and large enterprises alike and been embraced by diverse functions spanning sales, customer success, engineering, and more. The company’s collaboration features have further extended its reach to users far beyond the company’s initial target market.

1Password’s popularity is in no small part due to the team’s unwavering focus on user privacy, online security, and customer experience. Their customers echoed our own firsthand experiences: the company’s security standards and encryption technology are unparalleled, exemplified by the team’s long-standing, unclaimed top bug-bounty prize for identifying critical vulnerabilities.

The views expressed in this presentation are those of ICONIQ Growth ("ICONIQ" or the "firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision.  This presentation is for educational purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any securities which will only be made pursuant to definitive offering documents and subscription agreements, including, without limitation, any investment fund or investment product referenced herein. Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is prohibited. This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ.