I've no idea why would profitable company that does password management ever need to rise such amount of money. This could be an intro for big exit, who knows.
They will literally have to throw their users under the bus, limiting features and increasing existing plans. Expect 50% price increase in the next 6 months, alongside with some "great feature" with which they'll try to justify the price increase.
1Password Has Raised $620M
181–190 of 723 posts
Re: 1Password Has Raised $620M
#182Seems like a lot of people are missing the piece as to probably why they need the money (and where they're pointing the company in the future). Future of 1Password: https://www.future.1password.com/
I'm actually surprised by all the reactionary comments here with almost no research. 1Password already has integrations with Fastmail and Privacy and have launched a Secrets Automation[0] offering. I'm assuming this money does go partially into the password manager (which they say has always been profitable) but I think the money would actually go into ancillary services for competitors to Vault or Okta for authentic…
> I'm actually surprised by all the reactionary comments here with almost no research.
On the contrary, many of us are already experiencing the paid SaaS squeeze from 1Password long before this fundraising.
It doesn’t matter what they claim to need the money for. The company and product already declined from a great standalone option to a forced SaaS subscription payment with the self-hosted options removed. There’s no way I’m buying the story that they’re raising more money without a goal of squeezing more money from their customers, nor will I believe that they’re only going to get this profit from other customers while ignoring the consumer space.
In the real world, companies don’t actually segment up their product offerings and operate them as separate businesses with separate profitability goals. It’s all one big product mix and they’ll be squeezing money out of everything, wherever they can find it.
Re: 1Password Has Raised $620M
#183`But we don’t just want to keep up; our goal is to push the envelope and explore beyond the boundaries of traditional password management.` Hmmm, sounds like the time to migrate may be sooner than I'd hoped.
You can never trust cloud-hosted password managers..
You can never fully trust any password manager unless you audit all of its source code and compile it with a compiler whose source code you have also fully audited. Good luck!
Re: 1Password Has Raised $620M
#184I learned about services I didn't know about yet, Secrets Automation, and the Fastmail integration.
I can't find Secrets Automation pricing info. Is it just, every developer needs a paid 1password account and that's it, or what?
*edit* oh wait I just found it, the answer to pricing is "Contact Sales". Booooo.
Re: 1Password Has Raised $620M
#185Question from the community comment thread here:
How many people are actually going to change away from their current 1 password account as a result of this OR how many will watch 1 password and make a move in the future if product lowers their quality vs how much of this comment thread is people expressing viewpoints but aren't tied to the product in a real way?
Obviously tough to validate but I feel like a lot of the comments are just knee jerk reactions without any real action tied to them. Curious if I am on the margin of comments though.
Re: 1Password Has Raised $620M
#186"1Password Has Raised $620M" Ah fuck. They now need to grow at any cost to earn all that money back. And they'll throw their users under the bus, if they have to, because it's either grow like a unicorn or go bust. Also, I sincerely have no clue how a password manager could be so expensive. Last time I checked, the excellent KeePassXC was still free open source and developed by volunteers in their free time. How come…
They previously raised $100M in 2021[1] and in my mind the rot has already set in. 1Password 8 is not OS-native and is an electron app. Local vaults are no longer supported - you must use AgileBits's cloud. And 1Password 7 shows non-dismissible ads for upgrading to 1Password 8[2].
Edit: They also inexplicably (and silently) dropped support for the 1Password iOS share sheet while directing users to the 1Password iOS Safari extension (which only works if you use AgileBits cloud and does not work with local vaults)[3].
Edit2: Missed another $200M raise in 2019[4]. That puts them at nearly $1B in VC funding now.
[1] https://techcrunch.com/2021/07/27/1password-raises-100m-at-a...
[2] https://old.reddit.com/r/1Password/comments/qjb4l4/theres_no...
[3] https://old.reddit.com/r/1Password/comments/pxpdcd/ios_share...
[4] https://techcrunch.com/2019/11/14/fourteen-years-after-launc...
Re: 1Password Has Raised $620M
#187Earlier quoted context omitted.
> Also, I sincerely have no clue how a password manager could be so expensive. Last time I checked, the excellent KeePassXC was still free open source and developed by volunteers in their free time. Because 1Password is easy enough to use that my wife and I can share a family plan without her getting frustrated. If one of us has a login the other needs, we can easily share it. When I evaluated KeePass, the Wife-Accep…
Nerds continue to fail to grasp the value of UI/UX. This has always been why FOSS and similar solutions have failed to compete in the market in spite of being "free" and often technically superior. UI/UX is everything. Apple became the most valuable company in history on the back of UI/UX alone. Their tech is decent but not that much better than anyone else's, but their stuff is at least marginally easier to use and…
I made the same argument below but I was downvoted to hell.
Bitwarden is not an alternative to 1Password that passes the wife/parent/elder test because the UX is so bad they need to call me everytime something isnt exactly working as before.
Re: 1Password Has Raised $620M
#188Question from the community comment thread here: How many people are actually going to change away from their current 1 password account as a result of this OR how many will watch 1 password and make a move in the future if product lowers their quality vs how much of this comment thread is people expressing viewpoints but aren't tied to the product in a real way? Obviously tough to validate but I feel like a lot of t…
I assume many of us are hanging on to older 1Password versions that offered perpetual licenses and Dropbox syncing.
Once those eventually stop working (OS update, browser extension changes) I’ll be switching. But I’m not going to proactively change because there’s no reason to.
The 1Password SaaS isn’t terribly expensive, but I would have spent $100+ more on it for the exact same functionality I’ve had with my perpetual license for the past several years. I have no intention of spending more money for the same thing and having the overhead of managing yet another SaaS bill.
Re: 1Password Has Raised $620M
#189Earlier quoted context omitted.
1Password has the cloud, so maybe a better comparison would be bitwarden, not free (to use their hosted service) but FLOSS. Everything else stands, though ;)
The cloud part of a password manager can easily be handled by any file sync service, which are free and indistinguishable in quality from 1password.
Well played! It's like Dropbox all over again.
Re: 1Password Has Raised $620M
#190"1Password Has Raised $620M" Ah fuck. They now need to grow at any cost to earn all that money back. And they'll throw their users under the bus, if they have to, because it's either grow like a unicorn or go bust. Also, I sincerely have no clue how a password manager could be so expensive. Last time I checked, the excellent KeePassXC was still free open source and developed by volunteers in their free time. How come…
> And they'll throw their users under the bus
Just as they did when all the snafu with Dropbox and the switch to a subscription based service.
Before the subscription service, I had spent hundreds buying all their apps for me and my family. 1P wasn't cheap but it was worth it. They used the users' Dropbox to host the web based vault. Obviously one day Dropbox decided it was not ok to use the public folders to host websites.
It really was a shitstorm in 1P's forums and they handled it very badly.
1P could have spent pennies hosting the vaults on S3 or something but they decided to tell their paying customers to switch to the subscription if they wanted a web based vault. They didn't even have the decency to offer a free year to the subscription or something.