Accel writes its biggest check ever for security startup 1Password - Business Insider

"When you have a company that's 14 years old before taking this much capital, the culture is already set because it has always, since day one, had to be focused on unit economics and profitability," Mathew said. "It's been trendy to burn money at the expense of unit economics in favor of rapid growth, but that's not who they are as a founding team.

"We didn't even bother building a payment system for 1Password at first because we didn't really care. It was just a tool for ourselves," Teare told Business Insider. "But then something really cool happened. We got actual people using the actual app and giving us actual feedback." Like Slack, another Accel portfolio company that recently went public via direct listing, Teare had stumbled into a lucrative market managing individual people's array of passwords for different services. By 2015, the demand was so high and 1Password so popular that CEO Jeff Shiner prioritized launching a service specifically for businesses, similar to what Okta has done for single-sign on dashboards for large organizations.

"I'm instinctively on the business-to-business side, and I started to see that growing. Companies would buy employees 1Password accounts for Christmas, and then it all changed," Shiner told Business Insider. "Companies realized they needed to buy it for themselves because, as humans, we are creatures of habit and employees were using personal accounts for the work accounts.

In just over 3 years, 1Password has signed on more than 50,000 businesses to its enterprise service and has its sights on even larger swaths of business and individual users. That's the key to nabbing such a big check from"It still amazes me how many big companies are still using sticky notes and spreadsheets to store and share passwords," Shiner said. "This needs to change for everyone's sake.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trucking startup Convoy's cofounder explains edge over Uber Freight - Business InsiderConvoy just got another $400 million to fight Uber Freight for control of the digital-freight market. Its ex-Amazon cofounder revealed to us the next steps for the $2.75 billion company's quest to dominate truck brokerage.
Source: BusinessInsider - 🏆 729. / 51 Read more »

EQT Ventures: VC fund uses Motherbrain AI tech to find hot startups - Business InsiderSwedish VC firm EQT Ventures employs a proprietary AI tool to identify hot startups to invest in as it looks to stay ahead of the pack in Europe.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Apple Card under fire for alleged discrimination - Business Insider - Business InsiderApple Card is under fire for alleged discrimination – some husbands received greater credit limits than their wives despite shared financial accounts. Apple are getting into the debt business. They have to do something with all that hoarded tax money sitting in banks doing nothing. dhh is your profile photo that outdated? 😂😂😂
Source: BusinessInsider - 🏆 729. / 51 Read more »

Starling has hit the 1 million account milestone - Business Insider - Business InsiderWhile Starling's total number of accounts may trail other big UK neobanks, it could have an edge over competitors due to the sustainability of its growth:
Source: BusinessInsider - 🏆 729. / 51 Read more »

Norwest Venture Partners announces $2 billion fund, its biggest yet - Business InsiderNorwest managing partner Jeff Crowe said the firm raised such a large fund to keep up with the rapid pace of growth among startup venture deals.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Nobel laureates Banerjee and Duflo take on world's biggest problems - Business InsiderThe winners of the 2019 Nobel Prize in Economics are taking on the world's biggest problems. We talked to them about the wealth tax, Medicare for All, and some huge misunderstandings about migration. Cool! Harvard, sounds like an interesting article :)
Source: BusinessInsider - 🏆 729. / 51 Read more »