1Password Founders Sell Utah Jazz Owner’s Fund $75 Million Stake

1Password founders have agreed to sell a $75 million stake to a fund established earlier this year by Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney.

The Halo Fund founded by Smith and Sweeney contributed the largest investment in a $100 million secondary sale in which investors including Flume Ventures bought stakes from 1Password founders, according to the company. Under the terms of the transaction, the implied value of the password manager and digital security firm remains consistent with its last primary funding round that valued it at $6.8 billion, the company said.

Utah Jazz owner Ryan Smith

Photographer: Alex Goodlett/Getty Images

“This was started ...