Passbolt Raises $8M Series A led by Airbridge

This funding will accelerate their mission of empowering millions of digital teams in collaborating securely with their passwords, accesses and secrets. Passbolt has been operating from a stable financial foundation and was already financially profitable prior to the round. This investment will enable them to grow their team, fast-track the delivery of new features for both their free community edition and paid offering, while staying committed to building a world-class open source product. 

“Traditional password managers and Privileged Access Management (PAM) solutions 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.”” said Rick van Boekel, managing partner at Airbridge Equity Partners (Netherlands). 

The Journey So Far

What started as a vision for a more secure and collaborative way to manage credentials has grown into a comprehensive platform trusted by over 40,000 organizations worldwide including governments, defense agencies, universities, SMBs, startups and many more.

With 7,000+ downloads per month and close to half a million of daily active users, they're seeing firsthand how critical secure password and access collaboration has become for teams of all sizes.

Passbolt’s private key architecture, used since its inception for authentication and encryption, has since become the de-facto standard for some of the most privacy-focused solutions worldwide, including blockchain systems, crypto wallets and passkeys.

It is truly inspiring to see that teams that started using passbolt a few years ago with only a handful of users have expanded into thousands inside the same organization.

Passbolt is both honored and humbled by the trust their users and customers are putting in Passbolt, and at the same time they are taking their responsibility very seriously. Being able to deliver the same quality of service at this scale requires them to grow their team, this is why they decided to raise a Series A despite being already profitable.

Their Commitment to the Community

It is a legitimate concern for open source communities to wonder what the impact of influx of capital would mean for projects such as passbolt.

Passbolt is committed to being 100% open source and empower the community. Their focus on transparency and user trust remains unchanged. They do not plan to change the software license. 

Passbolt is and will remain an independent company. They will keep investing in both the community as well as the enterprise users to ensure that their platform meets diverse needs without compromising our values.

Passbolt is and will remain a European company. Their headquarters remain in Luxembourg and all their investors are based in Europe. They are committed to operating under EU regulations, ensuring the highest standards for privacy and security.

What's Next in Practice?

This funding will fuel their next phase of growth for the coming years in several key areas:

1. Product Development: Starting with passbolt 5 which will release in a few weeks, they are accelerating development of the product features and use cases, which will bring expanded capabilities to their platform. Their public roadmap gives some insights into what is upcoming in the future versions. On a broader scale, future versions will also explore more sophisticated use cases related to Privileged Access Management (PAM) and Identity and Access Management (IAM) such as configurable workflows, authentication with third party systems, sessions management etc., all of which in one single application.
2. Global Expansion: They are scaling their international sales and support team to better serve their growing global customer base and support their 2,000+ paid customers worldwide.

3. Security and Compliance: They're investing in meeting complex security and regulatory requirements, ensuring their platform continues to meet the highest standards of enterprise security.

Stay tuned for more updates as we continue building the future of credential and access management!