Password management startup Passbolt has secured $8 million in funding as part of a Series A investment round.
Passbolt specializes in credential management for organizations ranging in size from small businesses to large enterprises, and boasts more than 400,000 active daily users.
While focusing primarily on password management, the startup also provides security for a variety of organizational credentials. This includes support for root accounts, SSH keys, passkeys, and API keys.
Additionally, Passbolt is fully open source, providing enterprise users with both self-hosting capabilities and the ability to customize management practices to match company policies or regulatory obligations.
The funding will be used to accelerate product development, the company confirmed, and enable it to scale international sales and marketing activities.
Among the first key milestones for the firm in the wake of the investment will be its next major release, Passbolt 5.0, which it said will “extend capabilities” for users.
"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," said Kevin Muller, co-founder and CEO of Passbolt.
"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."
Passbolt capitalizing on market growth
Passbolt operates in a market which is expected to grow significantly over the next few years.
Analysis from Gartner, for example, predicts the privileged access management (PAM) space will grow to $2.8 billion by 2027, underlining the huge demand for solutions.
The consultancy noted that a key factor in this growth rate is a surge in demand for secure remote access by external contractors and the continued trend of remote and hybrid working practices.
The funding round, which brings its total investment to date to over $11.5 million, was led by Netherlands-based investment firm, Airbridge Equity Partners, alongside existing partners such as Expon Capital.
RELATED WHITEPAPER
“Since the very first funding round, we have supported Passbolt in its mission to transform password and access management for modern teams," said Alain Rodermann, partner at Expon Capital.
“We are thrilled to see Passbolt achieve this new funding milestone and continue innovating to serve thousands of organizations worldwide.”
-
Microsoft 365 price hikes have landed the tech giant in hot waterNews Australian regulators have filed a lawsuit against Microsoft for allegedly misleading users over Microsoft 365 pricing changes.
-
Why Dedicated Internet Access (DIA) could be the key to AI performance gainsHigh speed, private internet connections could be a critical enabler for enterprises driving AI adoption
-
Former NCSC head says the Jaguar Land Rover attack was the 'single most financially damaging cyber event ever to hit the UK' as impact laid bareNews Researchers said they place the UK financial impact of the attack on Jaguar Land Rover at around £1.9 billion.
-
Volkswagen confirms security ‘incident’ amid ransomware breach claimsNews Volkswagen has confirmed a security "incident" has occurred, but insists no IT systems have been compromised.
-
Cyber experts have been warning about AI-powered DDoS attacks – now they’re becoming a realityNews DDoS attackers are flocking to AI tools and solutions to power increasingly devastating attacks
-
Microsoft issues warning over “opportunistic” cyber criminals targeting big businessNews Microsoft has called on governments to do more to support organizations
-
Europol takes down SIM farm network that scammed thousands of victimsNews The sophisticated operation led to crimes from simple phishing to investment fraud
-
Thousands of exposed civil servant passwords are up for grabs onlineNews While the password security failures are concerning, they pale in comparison to other nations
-
77% of security leaders say they'd fire staff who fall for phishing scams, even though they've done the same thingNews A new report uncovers worrying complacency amongst IT and security leaders
-
Hackers stole source code, bug details in disastrous F5 security incident – here’s everything we know and how to protect yourselfNews CISA has warned the F5 security incident presents a serious threat to federal networks
