The Toronto-based password-management company raised US$100 million in total through a secondary deal in which founders sold some of their shares. Halo Fund—co-founded by Ryan Smith, the Qualtrics founder best known as the owner of the NHL team and the NBA’s Utah Jazz, and Ryan Sweeney, a partner at California investment firm Accel—was joined in the round by Flume Ventures, among other investors. (Bloomberg)
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The Toronto-based password-management company raised US$100 million in total through a secondary deal in which founders sold some of their shares. Halo Fund—co-founded by Ryan Smith, the Qualtrics founder best known as the owner of the NHL team and the NBA’s Utah Jazz, and Ryan Sweeney, a partner at California investment firm Accel—was joined in the round by Flume Ventures, among other investors. (Bloomberg)
Talking point: 1Password was reportedly preparing in 2024 for an initial public offering, with the possibility of going public this year. The IPO market has remained slow through 2025, prompting companies to sell secondary shares as an alternative way to return cash to early investors and founders. 1Password CEO David Faugno told Bloomberg the deal was designed to “support our founders with some liquidity,” but that the company still plans to go public. News of the deal follows several high-level departures at the firm, as well as former CEO Jeff Shiner moving into the board’s executive chair position.
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