Passbolt, a new type of credential and access manager for organizations of all sizes, announced it has raised $8 million in Series A financing for its all-in-one open source-based collaborative password and access software. New investor Airbridge Equity Partners (Netherlands) led the Series A funding round. Existing investors that include Expon Capital’s Digital Tech Fund, ScaleFund, Seeder, Dedicated, Bondi Capital, Carricha Capital, and LBAN also participated, along with industry veterans like Christophe Bianco (co-founder of Excellium Services) and Xavier Buck (co-founder of Datacenter Luxembourg).
The company launched in December 2016. Previous funding included a $620,000 pre-seed in December 2018 and a $3.1 million seed funding that closed in January 2021.
This funding round will be used to accelerate product development and meet complex security and regulatory requirements, with the first milestone being the next major release, Passbolt 5.0. That will extend capabilities for the 400,000+ daily active users globally. It will also enable scaling international sales and marketing to support global operations and customer success, having already onboarded 40,000+ organizations and 2,000 paid customers worldwide.
Passbolt offers an application programming interface (API)-centric, versatile platform that collaboratively manages and protects accounts, credentials and secrets used by people (system administrators, broader workforce and others) and machines (systems or applications) across various devices. It supports not just passwords, but all organizational credentials – from root accounts, SSH keys, API keys, non-human credentials or key-value secrets for infrastructure access to simple web logins and Time-based One-Time Passwords (TOTPs), a common method of two-factor authentication (2FA) or multi-factor authentication (MFA).
Passbolt is also fully open source and enables for unparalleled control with self-hosting capabilities and flexible customization to match company policies and regulatory needs. And the company’s portfolio includes a full-fledged free community edition (Passbolt CE) and a commercial enterprise edition (Passbolt Pro) that comes with support, as well as a SaaS offering (Passbolt Cloud). This platform can be deployed in minutes in the cloud or on any server and integrates with existing tools while providing the granular controls and audit trails that organizations require to ensure security.
KEY QUOTES:
“Organizations are trapped between consumer-focused password managers and complex monolithic enterprise solutions that don’t meet the need for secure collaboration of agile teams operating in digital environments. We’re building a new type of credential and access manager for organizations of all sizes. It enables technical teams to collaboratively manage access to the organization’s IT, software development, and security infrastructure. At the same time, it allows the broader workforce to automatically log into productivity tools and to share access credentials with colleagues securely.”
- Kevin Muller, co-founder and CEO of Passbolt
“Legacy password managers like Keepass or Bitwarden and Privileged Access Management (PAM) solutions such as CyberArk fall short for today’s cross-functional, distributed and agile teams. Passbolt’s organic traction across various industries confirms the demand for a more collaborative, enterprise-grade solution, and their impressive SaaS metrics prove that Passbolt users are delighted with the solution offered.”
- Rick van Boekel, managing partner at Airbridge Equity Partners (Netherlands)
“Since the very first funding round, we have supported Passbolt in its mission to transform password and access management for modern teams. We are thrilled to see Passbolt achieve this new funding milestone and continue innovating to serve thousands of organizations worldwide.”
- Alain Rodermann, partner at Expon Capital (Luxembourg)
“We’ve backed Passbolt from the start, witnessing its rapid adoption and commitment to continuous innovation. Passbolt’s approach naturally enables expanding from passwords to all organizational credentials. Its diverse use cases and customer base promise an exciting future. We’re thrilled to join forces again and support the team’s ambitious global growth plans.”
- Gauthier van der Elst, fund partner at ScaleFund (Belgium), and Passbolt board member
