Passbolt raises $8M to Enhance Open-Source Password Management

Passbolt, the Luxembourg-based open-source password management solution provider, has secured Series A funding to the tune of $8 million. The fund will be used to accelerate the development of its products, achieve complex security and regulatory requirements, and expand global operations. 

About Passbolt

Founded in December 2016, Passbolt is a collaborative credential management platform designed for modern teams. The platform is fully open source, giving organizations complete control over the product with self-hosting capabilities and flexibility to customize it according to the policies of a company and the needs of regulation. Passbolt supports a variety of credentials including passwords, SSH keys, API keys, and TOTPs that facilitate secure collaboration across various devices.

Read also: Coval raises $3.3M to AI Agent Testing with Autonomous Vehicle

Funding Details

In turn, this $8 million Series A round is considered a major success for Passbolt on its way to growth. It was supported by Airbridge Equity Partners – a venture capital firm based in Amsterdam – in collaboration with such existing investors as Expon Capital’s Digital Tech Fund, ScaleFund, Seeder, Dedicated, Bondi Capital, Carricha Capital, and LBAN. In short, all these funds should contribute to intensifying product development, improving the security of their services, and expanding international sales and marketing activity.

Meets Market Needs

In this digital age, organizations struggle with how to keep credentials safe and maintain easily. Traditional password managers lack the collaborative abilities agile teams require, while complex enterprise solutions often are not flexible enough for small and medium businesses. 

Passbolt bridges the gap by offering a versatile API-centric platform designed for teams to collaboratively manage and protect accounts, credentials, and secrets. Being an open-source product, the openness of the system ensures transparency, and the solutions can be configured according to organizational needs. 

Read also: Mobly raises $4.3M to Transform Event Marketing Technology

Product Line

Passbolt provides the following solutions:

• Passbolt Community Edition (CE): An open-source product that is free and is aimed at teams seeking basic credential management functionalities.
• Passbolt Pro: It is a commercial enterprise edition of Passbolt offering high-end features, along with professional support, designed for organizations needing more complex security and compliance services.
• Passbolt Cloud: A SaaS offering that provides the convenience of cloud hosting while maintaining robust security standards.

These offerings empower organizations to choose a solution that best fits their operational requirements and security policies.

Read also: Doti AI Raises $7M to Transform Enterprise Data Access

Future Plans

With the newly secured funding, Passbolt plans to:

• Accelerate Product Development: Focus on the upcoming release of Passbolt 5.0, which should extend capabilities for the more than 400,000 daily active users worldwide.
• Enhance Security and Compliance: Invest in meeting complex security and regulatory requirements to provide a robust and compliant credential management solution.
• Scale global sales and marketing efforts to further support the fast-growing customer base, with already more than 40,000 organizations and over 2,000 paid customers worldwide onboarded.

These strategic moves will prepare Passbolt for the growing requirements of organizations interested in secure, collaborative credential management solutions.

Summary

Passbolt’s successful $8 million Series A funding round underscores the company’s commitment to transforming password and access management for modern teams. By offering an open-source, collaborative platform, Passbolt empowers organizations to manage credentials securely and efficiently. The support from investors highlights confidence in Passbolt’s vision and growth potential, setting the stage for continued innovation and expansion in the credential management landscape.