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In Its First Funding in 14 Years, 1Password Raises $200M Series A

news.crunchbase.com

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Re: In Its First Funding in 14 Years, 1Password Raises $200M Series A

#31

Post by ghshephard »

This isn't really a typical Venture funding, and is definitely not a "Series A". Traditionally, at this point, 1Password would probably have just gone Public, without any need for venture funding. But, why go to the hassle of doing that when you can get most of the same benefits ($$$) without any of the pain (public reporting, SOX, etc...).

The VCs at this point would be happy with a 3-4x return, because the risk is minimal - companies at this level of maturity, profitability, market dominance, and growth are highly unlikely to fail. So, if they picked up (for arguments sake) 25% of the company, giving it pre-money valuation of $800mm, all they really need to do over the next 3-4 years is build an $3.2B company, which, given 1Password's dominance/quality of product - should be relatively straightforward.

Their killer organic entry is: "Everyone" is already using them for personal password management, which means cost of training/installation/use is trivial to add the Enterprise element.

As a personal user, I consider 1Password the GitHub of password management - sure, there are lots of GitHub competitors, and you can roll your own - but, when there is one product that has completely nailed it - why bother going with anyone else.

Re: In Its First Funding in 14 Years, 1Password Raises $200M Series A

#33

Post by AdmiralAsshat »

swozey wrote: post #30

I feel like I've spent an absolute fortune on 1password over the last decade. I'm pretty sure it was, what, $70 when I got it 6+ years ago? Now I'm paying monthly (2.99 or 4.99/mo x .. 3-5 years?) which is pretty ironic considering a lot of us initially left LastPass to go to 1pass because it was 100% offline (I'm aware you can do local vaults still). At least the QOL updates have been coming faster lately, especiall…

Kinda feels like the Wal-Mart episode of South Park, where they burn it down and all go back to shopping at a Mom-and-Pop shop: the M&P shop grows to keep up with demand, gets too big, and then they burn it down again.

It seems that the fate of every decent Password Manager is to be acquired by some rent-seeking company and have its userbase gouged.

I suppose we can all start packing up to make the move to Bitwarden. Until it's bought.

Re: In Its First Funding in 14 Years, 1Password Raises $200M Series A

#34

Post by swozey »

pgt wrote: post #16

What are good alternatives to 1Password?

Bitwarden will be the most recommended. I tried it to move off of 1password a few months ago, there was a time where 1password kept breaking the extension in every OS I was using. I can't remember exactly what was missing but there were several things I was used to in 1password that weren't available in bitwarden that made it feel clunkier to me.

It's UI is definitely the closest you'll get to 1pass. I think a big reason I couldn't use it was the Android app is built off Electron and doesn't currently support Android fingerprinting.. So I'd have to fingerprint into 1pass to grab my Bitwarden pass..

edit: Err on my part, it's missing TouchID in OSX https://community.bitwarden.com/t/touch-id-support-for-macos...

Re: In Its First Funding in 14 Years, 1Password Raises $200M Series A

#35

Post by auslegung »

tim333 wrote: post #24
simongr3dal wrote: post #10

Seems like a very weird thing for them to do. The article mentions all the things that 1password succeeded in doing on its own: bootstraping themselves, shifted their product to focus on subscriptions, even made their product work well with more enterprise-y needs. All while working out pretty well financially. And now they need capital funding. For what? The quotes in the article seems to say that a developing a go-…

To let the shareholders cash out maybe? If they get annoying, Bitwarden's not bad https://news.ycombinator.com/item?id=21175332

> Our relationship is a true partnership, not just an influx of cash. We’re not getting ready for an exit. We’re boarding a rocket ship.

Re: In Its First Funding in 14 Years, 1Password Raises $200M Series A

#37

Post by swozey »

AdmiralAsshat wrote: post #33
swozey wrote: post #30

I feel like I've spent an absolute fortune on 1password over the last decade. I'm pretty sure it was, what, $70 when I got it 6+ years ago? Now I'm paying monthly (2.99 or 4.99/mo x .. 3-5 years?) which is pretty ironic considering a lot of us initially left LastPass to go to 1pass because it was 100% offline (I'm aware you can do local vaults still). At least the QOL updates have been coming faster lately, especiall…

Kinda feels like the Wal-Mart episode of South Park, where they burn it down and all go back to shopping at a Mom-and-Pop shop: the M&P shop grows to keep up with demand, gets too big, and then they burn it down again. It seems that the fate of every decent Password Manager is to be acquired by some rent-seeking company and have its userbase gouged. I suppose we can all start packing up to make the move to Bitwarden.…

Then LastPass just buys them all and we're back to that

Re: In Its First Funding in 14 Years, 1Password Raises $200M Series A

#38

Post by gtirloni »

auslegung wrote: post #35
tim333 wrote: post #24

Earlier quoted context omitted.

To let the shareholders cash out maybe? If they get annoying, Bitwarden's not bad https://news.ycombinator.com/item?id=21175332

> Our relationship is a true partnership, not just an influx of cash. We’re not getting ready for an exit. We’re boarding a rocket ship.

I wouldn't expect them to say anything different.
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