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

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

#211

Post by tlb »

fireattack wrote: post #209
ghshephard wrote: post #31

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…

What does "mm" in $800mm mean?

Million. Because, in the old days, accountants used 'm' for thousand. I prefer the modern style of k=1e3, M=1e6, B=1e9.

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

#212

Post by jorvi »

nytesky wrote: post #129
Deimorz wrote: post #108

Earlier quoted context omitted.

As far as I know, Bitwarden is a one-person company run by a guy who lives in Jacksonville, Florida. So the business address being a random house there would be exactly what I'd expect.

I guess it would be nice to have some background on him then, so we can be sure its not a front. I would expect he actually reads Hacker News, so please provide us your backstory, much appreciated.

AFAIK he is involved in one of the BSDs (free or open) in some capacity, so you're not putting your security in the hands of some random Joe NPMbro

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

#213

Post by stevenwliao »

turc1656 wrote: post #165
ghshephard wrote: post #31

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…

They might have great software - I don't know. But personally I absolutely refuse to use a paid option for a service of this type. There's just too much risk. What happens if my credit card expires and I forget to update/pay? Or I get hospitalized suddenly and there's a similar payment issue? Is my account just closed and everything deleted? Then there's the risk of me putting everything in there and them jacking up…

Do companies delete paid users' most important data for billing failures? I can't recall such a case.

Still, if you're willing to handle the availability and security concerns yourself, going self-hosted could work.

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

#215

Post by sagichmal »

sixstringtheory wrote: post #159
sagichmal wrote: post #102

Earlier quoted context omitted.

> Ever since they went to the cloud, I stopped using and recommending them to friends and family. The whole point of using a password manager is that the passwords I create and use on my {desktop, laptop, work machine, phone} are immediately and seamlessly available to me on all of the other platforms. As far as I know it is Cloud integration which enables this absolutely necessary and table-stakes functionality. Is…

> The whole point of using a password manager is that the passwords I create and use on my {desktop, laptop, work machine, phone} are immediately and seamlessly available to me on all of the other platforms. That isn’t the whole point of 1PW though, or at least it wasn’t at the beginning, as I saw it. It was a way to avoid having to remember a unique, secure (read: probably hard to remember) password for every servic…

If the goal is to avoid having to remember strong passwords, then a strong password generator + a paper journal is resistant to more threat models and should be preferred.

Password managers without transparent sync and autofill UX are a half-product at best.

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

#216

Post by ksec »

ghshephard wrote: post #31

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…

> all they really need to do over the next 3-4 years is build an $3.2B company,

I really did laugh out loud as you make it sound so easy. Having said that the money isn't in the consumer side, but the Enterprise. 1Password is only just entering this market and there are huge potential.

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

#217

Post by efficax »

ghshephard wrote: post #31

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…

I work for a company in a similar position, which recently did a funding round like this for the sole purpose of letting some existing employees get some cash for their equity, since an IPO is a big question mark.

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

#218

Post by jonathankoren »

munchbunny wrote: post #145
bernierocks wrote: post #57

Earlier quoted context omitted.

If you asked me about 1password a few years ago, I would agree with you. Ever since they went to the cloud, I stopped using and recommending them to friends and family. I now use Keypss, which is free and doesn't require the cloud. The only reason they went to the cloud is because most people were buying one copy and sharing it with multiple people. It's a way for them to make more money, which is fine, but I really…

> The 1password employees must be down voting me. It's ridiculous that I get down voted for a specific opinion about the topic. I was going to just disagree with you without downvoting, because I specifically was looking for cross device sync and mobile support (and specifically looked for a mobile app that supported using FIDO as a second factor to protect the vault. However, attributing downvotes to employees/shill…

Downvotes aren’t a counter argument. All it means is you made someone feel bad for some reason.

Social vote counters are just sentiment thermometers.

UPDATE: this is now -1 with no comments. I proved my point.

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

#219

Post by dylan604 »

ummonk wrote: post #184
lorenzhs wrote: post #163

Earlier quoted context omitted.

Saying that $370 is not a lot of money shows just how far removed the tech bubble is from the rest of the world. "Four in 10 adults in 2017 would either borrow, sell something, or not be able pay if faced with a $400 emergency expense." https://www.federalreserve.gov/publications/files/2017-repor... , page 21. That's a lump sum expense, not paid over time, but I think it illustrates quite well that $370 is a lot of m…

4/10 is surprisingly low. Most of us would borrow to pay a $400 emergency expense. Are there really that many people out there paying with cash or check instead of “borrowing” by paying with credit card?

I've read 4/10 a couple of times now, and all I hear is my math teacher yelling "reduce your fraction".

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

#220

Post by efficax »

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-…

Don't know what compensation structure is like at 1pass but suppose you got hired 10 years ago and were offered an equity stake. You've already paid taxes on it but never got any value since a small share of a private company isn't worth anything until a sale or an IPO. A funding round like this can turn that equity into cash for you.
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