Revenue
More than US$400M ARR — Annual recurring revenue (company-reported), as of November 2025. Source: Business Wire.
| Metric | Value | As of | Source |
|---|---|---|---|
| ARR history | US$120M+ (2021) → ~US$200M (early 2022) → US$250M (2023) → US$400M+ (late 2025) | November 2025 | The Logic, BetaKit, Business Wire |
| Business customers | More than 180,000 | November 2025 | BetaKit |
| Share of revenue from businesses | More than 75% | November 2025 | BetaKit |
| Cash flow | Free cash flow positive, per the company | November 2025 | Business Wire |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jan 2022 | Series C | US$620M | US$6.8B | ICONIQ Growth (lead); Tiger Global, Lightspeed Venture Partners, Backbone Angels, Accel | Crunchbase News |
| Jul 2021 | Series B | US$100M | US$2B | Accel (lead), with executives from Shopify, Slack and others | FinTech Global |
| Nov 2019 | Series A | US$200M | Not disclosed | Accel | Crunchbase News |
Investors
Overview
1Password started in Toronto in 2005 as a password manager for Mac users, built by Dave Teare and Roustem Karimov under the name AgileBits. For its first 14 years it took no outside funding and grew on subscriptions alone. Today it sells mainly to businesses, protecting employee logins, secrets used by developers and, increasingly, the credentials that software and AI agents use to talk to each other.
It's a good case study in a company that bootstrapped for a long time and then raised a lot of money quickly once the market was clearly there.
Revenue and growth
1Password has shared its ARR several times, so the trend is well documented:
- 2021: more than US$120 million
- Early 2022: roughly US$200 million, around the time of the Series C
- 2023: US$250 million
- November 2025: more than US$400 million
Two other details stand out. More than three-quarters of revenue now comes from businesses rather than individual subscribers, and the company says it is free cash flow positive. It serves more than 180,000 business customers. Its CEO told reporters in 2025 that the company has the scale and profitability to be public, though he wouldn't give a timeline.
Funding history
All of 1Password's primary funding came in just over two years:
- November 2019: a US$200 million Series A from Accel. It was a very large first round, a sign of how much investors valued a bootstrapped company that was already profitable.
- July 2021: a US$100 million Series B at a US$2 billion valuation, which included well-known tech executives as angel investors.
- January 2022: a US$620 million Series C at US$6.8 billion, led by ICONIQ Growth with Tiger Global, Lightspeed, Backbone Angels and Accel.
That comes to about US$920 million of primary equity in total. The Series C was raised right at the peak of 2021–22 tech valuations. Reports say later secondary sales by the founders were priced at the same US$6.8 billion level, so the company appears to have held its value as revenue caught up.
Reading the valuation
At the Series C, the US$6.8 billion valuation was about 34 times the roughly US$200 million in ARR the company had then. With ARR above US$400 million, that same valuation works out to under 17 times. That's how a company "grows into" a peak-era valuation: it doesn't have to raise at a lower price because revenue has caught up with the old one. Our guide on what VCs look for explains why growth investors weigh ARR multiples like this.
What this means if you're…
Selling to 1Password: a cash-generating security company preparing to be IPO-ready usually invests in finance systems, audit readiness, compliance and enterprise go-to-market tools.
Selling security products: 1Password's integrations and partner programmes are a route into its large business customer base.
Watching the IPO market: 1Password is regularly named as a likely Canadian tech IPO candidate.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What is 1Password's valuation?
1Password was valued at US$6.8 billion as of Series C, January 2022, according to Crunchbase News. Private company valuations are set at funding rounds and can change significantly between them.
How much revenue does 1Password make?
1Password reported More than US$400M ARR (annual recurring revenue (company-reported)) as of November 2025, according to Business Wire.
Who are 1Password's investors?
Investors named in public announcements include Accel, ICONIQ Growth, Tiger Global, Lightspeed Venture Partners and Backbone Angels.
When was 1Password founded and where is it based?
1Password was founded in 2005 and is headquartered in Toronto, Ontario, Canada.