23 Jan Passbolt Secures $8M in Series A Funding to Revolutionize Collaborative Access Management

Luxembourg-based startup Passbolt has raised $8 million in a Series A funding round. This is an important step in its goal to improve collaborative password and access management. Airbridge Equity Partners led the funding from the Netherlands. Existing investors, including Expon Capital’s Digital Tech Fund, Scalefund, Seeder, and Dedicated, also contributed. Notable industry experts such as Christophe Bianco, co-founder of Excellium Services, and Xavier Buck, co-founder of Datacenter Luxembourg, participated as well.

Growing Adoption and Market Potential

Passbolt’s solution is growing in popularity, with 400,000 daily users, 2,000 paying customers, and 40,000 organizations using the service. The new funding will help speed up the global rollout of version 5.0, boost international marketing efforts, and expand product capabilities. Gartner predicts that the password management market will reach $2.8 billion by 2027, driven by the need for secure remote access, telework, and mobile device usage.

Investor Confidence

Rick van Boekel, managing partner at Airbridge Equity Partners, highlighted that Passbolt meets the market’s needs.

He said, “Traditional solutions like KeePass or CyberArk don’t meet the needs of today’s distributed teams. Passbolt’s organic adoption across various sectors and its strong SaaS metrics show that it is addressing an unmet need for collaborative access management.”

Building on a Solid Foundation

Since it started, Passbolt has grown steadily, raising $620,000 in a pre-seed round in 2018 and $3.1 million in seed funding in 2021. This Series A round is a strong vote of confidence in Passbolt’s vision and innovation. With a team of about 20 employees, Passbolt is ready to continue transforming access management for teams and organizations around the world.

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