1Password has been round for 14 years, and the founders grew the corporate the old style means — with out a dime of enterprise capital. However when it determined to take enterprise assist, it went all in. At present, the corporate introduced a $200 million Sequence A from Accel, the most important single funding within the agency’s 35-year historical past.
Dave Teare says he and his co-founder Roustem Karimov had been resolving a serious ache level for customers round password creation and administration once they launched in 2005, and that the Toronto firm has been worthwhile from day one. That’s not one thing you hear from startups all that usually.
At present, Jeff Shiner is CEO. He helped develop the corporate from 20 workers when he got here on board in 2012 to 174 at this time. He says that as he helped foster this progress, he noticed an amazing market alternative in entrance of him. That’s when he determined to lastly make the leap into enterprise investing.
“We’ve received the subtle enterprise tooling that we constructed over the past 5 years, in order that we will actually go on the market and simply double and triple down on what we’ve been doing, and drive that a lot sooner and additional into the market, and once more that market is actually from shoppers all the way in which as much as enterprises,” Shiner defined.
Whereas he’s assured in his firm’s capability to construct a product folks need and its help for its clients, it wants assist with different points of the enterprise to develop sooner and make the most of the market potential. “We’ve got far much less expertise with issues like go-to-market applications, with gross sales, advertising and marketing and finance groups — and issues like that. And we have to develop, and develop aggressively, which isn’t simply hiring folks, but additionally getting the proper companions, discovering the proper leaders to assist us with that progress,” he mentioned.
has a historical past of investing in mature firms that haven’t taken funding earlier than, so what it’s doing with this spherical isn’t all that uncommon for the agency. Arun Mathew, a companion at Accel, says he doesn’t come throughout firms like all that usually. “Like Atlassian and Qualtrics, the 1Password crew impressed us by constructing a enterprise that’s not solely scaling extraordinarily rapidly but additionally has been worthwhile since day one — and that’s why at this time we’re making the most important single funding in Accel’s 35-year historical past,” Mathew mentioned in an announcement.
The founders really stumbled onto the concept of 1Password in 2005. They had been working an internet improvement consultancy once they determined to resolve a long-standing drawback of logging into a number of web sites, a very acute subject given their day jobs.
They determined to construct a instrument to assist, and once they put it out on the planet, they discovered a lot of different folks had the identical drawback. They ended up closing the online consultancy to construct 1Password, and the remainder, as they are saying, is historical past.