Cloud Security, Cloud Security, Identity

Funding round raises $620 million for 1Password

1Password closed a Series C funding round with $620 million, which brought its current valuation to $6.8 billion, according to TechCrunch. The company provides a password management platform designed to help ease the burden of cybersecurity for hybrid and remote workers, who have increasingly been impacted by the pandemic. 1Password says it has found 84% of security professionals and 80% of office workers have experienced burnout since the pandemic, resulting in 12% of workers using one password or a small number of different passwords for their credentials. “We’ve found that when you have stress and burnout, two things happen. … [W]hen you’re overworked, you’re going to put security on the back-burner. The other side effect of stress and burnout has been a desire to change, and you see that in the Great Resignation. That leads to security issues because all those apps and services that IT are not aware of you’re now taking with you,” noted 1Password CEO Jeff Shiner. 1Password said it has added major corporations to its customer base, which has increased to over 100,000, since its Series B funding round in July 2021.

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