Keep Your Friends Close and Your Information Closer — Announcing Lightspeed Growth’s Investment in 1Password

In 2021, an average business user logged into over 96 applications per day and entered login credentials, credit card details and contact information online every hour. As employees put more sensitive information in software tools of their choice and teams become more distributed, one of the top concerns for IT and security team centers are data breaches, password leaks, weak credentials and improperly shared or lost sensitive information.

Today, Lightspeed’s Growth Team is thrilled to announce our investment in 1Password’s $620M Series C round, notably the largest round raised by a Canadian company, alongside ICONIQ and Tiger Global. We are also joined in this round by some world-class executives including Jeff Weiner (Executive Chairman LinkedIn), Robert Iger (Former CEO & Chairman at The Walt Disney Company), Mary Barra (CEO at General Motors), George Kurtz (Co-founder and CEO of CrowdStrike), Frank Slootman (CEO at Snowflake Computing), Lucy Suros (CEO at Articulate) and Therese Tucker (Founder and Executive Chair at BlackLine) as well as some leaders in media and entertainment including Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake and Pharrell Williams. Over the last 17 years, 1Password has steadily developed into the leading player in helping companies, developers and individuals store and protect their most important information.

Prior to meeting 1Password’s CEO Jeff Shiner and the broader team, we were happy users of 1Password. 1Password gives people a secure place to store not just passwords but also documents, credit card information, notes, software licenses, and any other sensitive information and surfaces this information in logins and fields online with one click. It was not surprising to us that over 100,000 businesses including Slack, UnderArmour, IBM, PGA and Snowflake had rolled out the product enterprise-wide. 1Password gives enterprises visibility, control and peace of mind as they can define access controls, ensure employees are using secure login credentials and flag any potential risks or threats.

As we got to know the full executive team over the course of 9 months last year, we were blown away by the experience each individual brings to the table, the ambition to build a generational company that can impact every knowledge worker and the group’s alignment around a set of core values that puts the privacy and security of its users first.

At Lightspeed, we have been fortunate to partner with a number of iconic companies including Affirm, AppDynamics, BetterUp, Carta, Grafana, Mulesoft, Nutanix, Snap and Zscaler. One of the core investment criterion we look for is market leadership. As we spoke to 1Password customers, we were struck by the love and adoption we heard — which translated into some of the strongest product retention dynamics we have seen and a unique GTM motion. Given the rise of shadow IT and the decentralization of the enterprise buyer, we believe the next generation of enterprise businesses must deeply appeal to the end-user. 1Password has a powerful product-led growth motion where the product has typically permeated marquee enterprise customers and has a dedicated userbase prior to an enterprise-wide rollout. Once introduced, the product rapidly spreads through the organization. For an IT and security team, the number one purchasing consideration is that their employees adopt the product. This dynamic has lent itself to an efficient growth engine as 1Password is loved and used by over 100,000 companies and millions of individuals today.

We believe that this is only the beginning for the company. 1Password continues to deepen its product with additional new offerings including 1Password 8 for Windows, 1Password Events, Psst! password sharing, and Secrets Automation for a company’s sensitive infrastructure information including API tokens, application keys, and private certificates. 1Password is far more than a password manager — it is a multiproduct company taking on the identity and access management space.

Lastly, with some proud Canadians on the Lightspeed team, we look forward to bringing another Canadian-based company into the Lightspeed family. And, we could not be more excited to partner with 1Password’s world-class team as they continue to bring the company’s ambitions to fruition and protect the most sensitive information of millions of individuals, families, and businesses around the world.

Anoushka, Will, John and Shan — Lightspeed Growth

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