Luxembourg-based open-source password management company Passbolt has secured $8 million in Series A funding to accelerate product development and expand its global operations. The funding round was led by Amsterdam-based Airbridge Equity Partners, with participation from existing investors including Expon Capital’s Digital Tech Fund, ScaleFund, Seeder, Dedicated, Bondi Capital, Carricha Capital, and LBAN.
Passbolt provides an API-centric platform that enables teams to collaboratively manage various types of credentials, including passwords, SSH keys, API keys, and Time-based One-Time Passwords (TOTPs). The company offers three main product tiers: a free Community Edition for basic credential management, Passbolt Pro for enterprise customers requiring advanced features and support, and Passbolt Cloud, a SaaS solution. The tiered structure matches current industry practices, as enterprise password management solutions increasingly favor scalable, cloud-based offerings to meet growing security demands.
The company currently serves more than 400,000 daily active users across over 40,000 organizations worldwide, including 2,000 paid customers. The new funding will support the development of Passbolt 5.0, enhance security and regulatory compliance capabilities, and scale the company’s global sales and marketing efforts. The expansion comes at a time when organizations face increasing cybersecurity threats, with recent reports showing a 200 percent surge in cyberattacks.
“Legacy password managers like Keepass or Bitwarden and Privileged Access Management (PAM) solutions such as CyberArk fall short for today’s cross-functional, distributed and agile teams,” said Rick van Boekel, managing partner at Airbridge Equity Partners. “Passbolt’s organic traction across various industries confirms the demand for a more collaborative, enterprise-grade solution.”
The investment addresses growing market demand for secure, collaborative credential management solutions that bridge the gap between traditional password managers and complex enterprise solutions. The development coincides with the industry’s shift toward passwordless authentication methods, with major players like Google and Microsoft advancing passkey adoption. Passbolt maintains its commitment to remaining 100 percent open source and operating under EU regulations for privacy and security standards, positioning itself within the framework of evolving European digital identity and data protection requirements.
Sources: Startup Wire TechRSeries Passbolt The Paypers SiliconANGLE
Follow Us