1Password company profile: valuation, funding & revenue

This 1Password company profile covers the company's valuation, revenue, funding rounds, investors and history. 1Password works in cybersecurity, with a focus on identity and password management. It was founded in 2005 and is headquartered in Toronto, Ontario, Canada. Its latest valuation on record is US$6.8 billion (Series C, January 2022). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

More than US$500M ARR — Annual recurring revenue (company-reported), as of October 2026. Source: 1Password.

Funding history

1Password timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2005 — 1Password is founded in Toronto by Dave Teare and Roustem Karimov.
• Nov 2019 — Series A: US$200M. Investors: Accel.
• Jul 2021 — Series B: US$100M, valuing the company at US$2B. Investors: Accel (lead), with executives from Shopify, Slack and others.
• Jan 2022 — Series C: US$620M, valuing the company at US$6.8B. Investors: ICONIQ Growth (lead); Tiger Global, Lightspeed Venture Partners, Backbone Angels, Accel.
• October 2026 — ARR history: US$120M+ (2021) → ~US$200M (early 2022) → US$250M (2023) → US$400M+ (Nov 2025) → US$500M+ (Oct 2026).
• October 2026 — Net new ARR growth: About 60% through the first three quarters of FY26; about 90% in Q3.
• October 2026 — Implied valuation multiple: About 13.6x ARR at the 2022 valuation (CapFinch calculation).
• November 2025 — Business customers: More than 180,000.
• November 2025 — Cash flow: Free cash flow positive, per the company.

Investors

1Password, the Toronto password and access security company, passed US$500 million in annual recurring revenue in October 2026. Its last priced valuation is still US$6.8 billion, from January 2022, which means the company now trades at well under 14 times ARR on that old mark, a sign it has grown into a peak-era price. This profile covers 1Password's valuation, revenue history, funding, new products for AI agents and IPO outlook.

1Password's valuation in 2026

1Password's latest primary valuation is US$6.8 billion, set by a US$620 million Series C led by ICONIQ Growth in January 2022, according to Crunchbase News. It has not raised a priced round since. Reports of a founder secondary sale in 2025 cited the same US$6.8 billion level, and private-market trackers still use it.

What has changed is the revenue under that number. When the Series C closed, 1Password had about US$200 million of ARR, so investors paid about 34 times ARR. With ARR above US$500 million in October 2026, the same US$6.8 billion works out to about 13.6 times ARR, our calculation. Fast-growing, cash-generating security software companies have often been valued at higher multiples than that, which is why 1Password is regularly cited as a company whose real value may now exceed its last mark. Until a new round, secondary sale or IPO sets a price, though, US$6.8 billion remains the only sourced figure. Our guide to SaaS valuation multiples explains how investors set these ratios.

Revenue and growth

1Password has shared its ARR several times, so the trend is unusually well documented:

• 2021: more than US$120 million
• Early 2022: roughly US$200 million, around the Series C
• 2023: US$250 million
• November 2025: more than US$400 million
• October 2026: more than US$500 million

In its October 2026 announcement, 1Password said net new ARR grew about 60% through the first three quarters of its 2026 fiscal year and about 90% in the third quarter, driven by developers and companies building with AI. The Wall Street Journal, summarised by Techmeme, linked the acceleration to demand for securing AI coding assistants and agents. In late 2025 the company said more than three-quarters of revenue came from businesses rather than individuals, that it served more than 180,000 business customers and that it was free cash flow positive, according to BetaKit. See our explainer on ARR vs revenue for how to read these figures.

1Password for Agents and the AI security push

Alongside the US$500 million milestone, 1Password announced 1Password for Agents, a product for managing the credentials and secrets that AI agents use when they log in to systems or call other software. It builds on Secure Agentic Autofill, launched in October 2025, which passes credentials to AI agents working in a browser without exposing them, and on developer tools for storing API keys and secrets.

The logic is straightforward. As companies let AI agents act on their behalf, each agent needs access to applications and data, and that access must be granted, limited and revoked as carefully as an employee's. A password manager already sits in the middle of that problem, which gives 1Password a natural route into a fast-growing area of security spending.

Leadership

David Faugno is chief executive. He joined as co-CEO in November 2024 alongside Jeff Shiner, who had led the company since 2019, and became sole CEO in 2025, with Shiner moving to executive chair. Faugno has said the company aims to reach US$1 billion of ARR. Founders Dave Teare and Roustem Karimov built the business from 2005.

Funding history

All of 1Password's primary funding came in just over two years, after about 14 years of bootstrapping:

• November 2019: a US$200 million Series A from Accel, an unusually large first round for a company that was already profitable.
• July 2021: a US$100 million Series B at a US$2 billion valuation, with 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 is about US$920 million of primary equity in total, with no further dilution since 2022.

IPO outlook

1Password's leadership has said the company has the scale and profitability to be public and has discussed a listing in 2026 or 2027, without committing to a date. No filing has been made. With ARR above US$500 million and positive cash flow, it meets the size most investors look for in a software IPO, and it is one of the most-watched Canadian listing candidates. Our upcoming tech IPOs guide tracks it.

Overview and history

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. It now sells mainly to businesses, protecting employee logins, developer secrets, device access and, increasingly, the credentials used by software and AI agents.

Password managers became a business priority as companies moved to cloud software, where each employee might use dozens of applications. Reused and weak passwords are a common cause of breaches, and a company-wide password manager lets security teams enforce strong credentials, share access safely and remove it instantly when someone leaves. 1Password has expanded into what it calls extended access management, covering applications that employees use without IT's knowledge.

Competitive landscape

1Password competes with other password managers such as Bitwarden, Dashlane and Keeper, with the free password features built into browsers and phones, and with identity platforms such as Okta and Microsoft that offer credential management in broader suites. Its advantages are a strong brand among both consumers and IT teams, a reputation for usability and a large business customer base. Free built-in tools are a constant pressure on the consumer side, which is one reason the company has shifted towards businesses.

The bootstrapping lesson

1Password is one of the best examples of a company that delayed venture capital until it had a large, profitable business. When it finally raised, it could choose investors and terms from strength, and its later growth meant it never needed to raise at a lower price. See our Canadian unicorns guide for others that took a similar route.

Key facts at a glance

1Password is a Toronto security company founded in 2005 by Dave Teare and Roustem Karimov and led by chief executive David Faugno. It raised a US$200 million Series A from Accel in 2019, a US$100 million Series B at US$2 billion in 2021 and a US$620 million Series C at US$6.8 billion in January 2022, its latest valuation. In October 2026 it said ARR had passed US$500 million, up from more than US$400 million in November 2025, and launched 1Password for Agents.

What this means if you're…

A security buyer: if your teams are adopting AI coding assistants or agents, ask how each tool stores and rotates credentials, and whether your password manager can govern them.

Selling to 1Password: a cash-generating company preparing for a possible IPO invests in finance systems, audit readiness, compliance and enterprise sales tools.

Watching the IPO market: 1Password's growth acceleration in 2026 makes it one of the stronger Canadian software listing candidates.

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.

1. Crunchbase News
2. 1Password / Crunchbase News
3. BetaKit
4. Business Wire
5. FinTech Global