Luxembourg-based Passbolt, a brand new kind of credential and entry supervisor for organisations of all sizes, introduced it has raised €7.6 million in Collection A financing for its all-in-one open source-based collaborative password and entry software program.
The Collection A spherical was led by new investor Airbridge Fairness Companions. Current buyers embody Expon Capital’s Digital Tech Fund, ScaleFund, Seeder, Devoted, Bondi Capital, Carricha Capital, and LBAN, together with trade veterans corresponding to Christophe Bianco (Co-founder of Excellium Companies) and Xavier Buck (Co-founder of Datacenter Luxembourg).
“Organisations are trapped between consumer-focused password managers and sophisticated monolithic enterprise options that don’t meet the necessity for safe collaboration of agile groups working in digital environments,” stated Kevin Muller, Co-founder and CEO of Passbolt. “We’re constructing a brand new kind of credential and entry supervisor for organizations of all sizes. It permits technical groups to collaboratively handle entry to the organisation’s IT, software program improvement, and safety infrastructure. On the similar time, it permits the broader workforce to mechanically log into productiveness instruments and to share entry credentials with colleagues securely.”
Based in 2016 by Cedric Alfonsi, Kevin Muller, and Remy Bertot, Passbolt is a collaborative credential administration platform for contemporary groups. An open supply resolution for all-in-one administration, safety and sharing passwords, accesses, and secrets and techniques. In line with Passbolt, they’re utilized by over 40,000 organisations worldwide, together with authorities entities, defence businesses, universities, SMBs, and startups.
The funding shall be used to speed up product improvement and meet complicated safety and regulatory necessities, with the primary milestone being the subsequent main launch, Passbolt 5.0.
It’ll additionally allow scaling worldwide gross sales and advertising to help international operations and buyer success, having already onboarded greater than 40,000 organizations and a couple of,000 paid clients worldwide.
“Legacy password managers like Keepass or Bitwarden and Privileged Entry Administration (PAM) options corresponding to CyberArk fall brief for immediately’s cross-functional, distributed and agile groups,” stated Rick van Boekel, managing associate at Airbridge Fairness Companions (Netherlands). “Passbolt’s natural traction throughout varied industries confirms the demand for a extra collaborative, enterprise-grade resolution, and their spectacular SaaS metrics show that Passbolt customers are delighted with the answer provided.”
Passbolt offers an utility programming interface (API)-centric, versatile platform that collaboratively manages and protects accounts, credentials and secrets and techniques utilized by each folks (system directors, broader workforce and others) in addition to machines (techniques or functions) throughout varied gadgets.
It helps not simply passwords, however all organisational credentials – from root accounts, SSH keys, API keys, non-human credentials or key-value secrets and techniques for infrastructure entry to easy internet logins and Time-based One-Time Passwords (TOTPs), a standard methodology of two-factor authentication (2FA) or multi-factor authentication (MFA).
Passbolt can be absolutely open supply and permits for “unparalleled” management with self-hosting capabilities and versatile customisation to match firm insurance policies and regulatory wants.
The corporate’s portfolio features a full-fledged free neighborhood version (Passbolt CE) and a business enterprise version (Passbolt Professional) that comes with help, in addition to a SaaS providing (Passbolt Cloud). The platform may be deployed in minutes within the cloud or on any server and integrates with current instruments whereas offering the granular controls and audit trails that organisations require to make sure safety.
“Because the very first funding spherical, we’ve got supported Passbolt in its mission to rework password and entry administration for contemporary groups,” stated Alain Rodermann, associate at Expon Capital (Luxembourg). “We’re thrilled to see Passbolt obtain this new funding milestone and proceed innovating to serve hundreds of organizations worldwide.”
“We’ve backed Passbolt from the beginning, witnessing its speedy adoption and dedication to steady innovation,” added Gauthier van der Elst, fund associate at ScaleFund (Belgium), and Passbolt board member. “Passbolt’s strategy naturally permits increasing from passwords to all organizational credentials. Its various use circumstances and buyer base promise an thrilling future. We’re thrilled to hitch forces once more and help the workforce’s formidable international progress plans.”
Earlier funding included a pre-Seed of €591k in December 2018 and a €2.9 million Seed funding that closed in January 2021.
