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.

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