Passbolt, an innovative open-source credential and access management platform for organizations of all sizes, has successfully closed an $8 million Series A funding round. This latest investment aims to propel the development of its comprehensive, collaborative password and access management software.
Founded in December 2016, Passbolt has grown rapidly since its inception. The company previously secured $620,000 in pre-seed funding in December 2018, followed by $3.1 million in seed funding in January 2021. The Series A round was led by new investor Airbridge Equity Partners (Netherlands), with additional support from existing backers, including Expon Capital’s Digital Tech Fund, ScaleFund, Seeder, Dedicated, Bondi Capital, Carricha Capital, and LBAN. Industry veterans Christophe Bianco (co-founder of Excellium Services) and Xavier Buck (co-founder of Datacenter Luxembourg) also participated in the round.
Addressing the Gaps in Credential Management
“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.”
The new funding will be utilized to accelerate product innovation, including the upcoming release of Passbolt 5.0, which will enhance the platform’s capabilities for its 400,000 daily active users worldwide. Additionally, the investment will support scaling international sales and marketing efforts to expand Passbolt’s global footprint. The platform already serves over 40,000 organizations and 2,000 paying customers globally.
A Growing Market for Access Management Solutions
According to Gartner, the Privileged Access Management (PAM) market is projected to reach $2.8 billion by 2027, driven by increased demand for secure remote access for contractors, the rise of remote work, and the proliferation of mobile devices. Passbolt is positioned to meet these demands with a collaborative, enterprise-grade solution designed for modern teams.
“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 (Netherlands). “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.”
Comprehensive Features for Modern Teams
Passbolt delivers an API-centric platform tailored for managing and protecting a wide range of credentials, from root accounts and SSH keys to API keys, non-human credentials, and simple web logins. The platform supports Time-based One-Time Passwords (TOTPs) for two-factor authentication (2FA) or multi-factor authentication (MFA), offering a secure, collaborative solution for both people and systems.
As an open-source platform, Passbolt offers flexibility and control, allowing organizations to self-host and customize the solution to meet specific regulatory and security requirements. The product lineup includes a free Community Edition (Passbolt CE), a feature-rich Enterprise Edition (Passbolt Pro) with professional support, and a SaaS offering, Passbolt Cloud, enabling quick deployment in the cloud or on-premises.
Continued Support from Investors
“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 (Luxembourg). “We are thrilled to see Passbolt achieve this new funding milestone and continue innovating to serve thousands of organizations worldwide.”
“We’ve backed Passbolt from the start, witnessing its rapid adoption and commitment to continuous innovation,” added Gauthier van der Elst, fund partner at ScaleFund (Belgium), and Passbolt board member. “Passbolt’s approach naturally enables expanding from passwords to all organizational credentials. Its diverse use cases and customer base promise an exciting future. We’re thrilled to join forces again and support the team’s ambitious global growth plans.”
