Password management platform 1Password has revealed it has raised funding worth US$100m. Business is booming thanks to new at-home and hybrid working arrangements, VentureBeat reported.
According to 1Password CEO Jeff Shiner, while multiple factors have aligned to drive demand for password management tools, the single biggest change since its last fundraise has been society’s rapid transition from offices to remote or hybrid working. “Businesses — both large and small — were forced overnight to adopt a remote way of working,” Shiner told VentureBeat. “That switch meant that companies, most of whom were used to a centralized office, suddenly needed to support employees using their own devices, at home on their own potentially insecure networks. With the remote-hybrid shift came a proliferation of SaaS tools to help keep people and teams productive. Many of these tools are brought in to help specific teams solve specific problems, which means that across an organization, there can be hundreds of different software products — all requiring unique logins and access.” Helping workers stay on top of all their login credentials is where 1Password comes into play.
Check It Out: 1Password Reveals US$100M Funding Round