Passbolt secures funding round to advance password collaboration. Passbolt’s journey began as a vision for enhancing credential management security and collaboration, and has evolved into a comprehensive platform that now serves over 40,000 organizations globally, including governments, defense agencies, universities, SMBs, startups, and more.
The platform’s growth is evident through its 7,000+ monthly downloads and nearly half a million daily active users, demonstrating how essential secure password and access collaboration has become across organizations of all sizes.
The private key architecture that Passbolt pioneered for authentication and encryption has become the industry standard for privacy-focused solutions worldwide, including blockchain systems, crypto wallets, and passkeys.
The platform’s success is reflected in the organic growth within organizations, with many teams expanding from just a few initial users to thousands within the same entity.
Despite already achieving profitability, Passbolt pursued Series A funding to support team expansion and maintain service quality at scale, driven by their commitment to the trust placed in them by their growing user base and customer portfolio.
The modern workplace has undergone a fundamental transformation. Organizations have widely adopted digital technologies, with their workforce utilizing diverse online applications, mobile devices, and tools across multiple time zones. This shift has made digital collaboration the standard operating model.
Traditional password management and PAM solutions have not evolved to meet these contemporary needs. Organizations face a choice between consumer-oriented password managers lacking collaborative capabilities and complex enterprise solutions that fail to support agile operations. While Keepass serves as a popular open-source solution for technical teams, offering versatility, security, and on-premises deployment, it wasn’t designed for effective multi-user collaboration.
Passbolt addresses this gap by developing a new category of password and access management solution that:
- Provides technical teams with collaborative privileged access management capabilities for IT, development, and security infrastructure, incorporating detailed permission controls and security principles like PoLP and JIT access with immediate revocation options.
- Safeguards the general workforce through strong password enforcement across their preferred tools.
- Offers IT managers comprehensive auditing capabilities for credential access.
- Enables cross-functional teams to manage and collaborate on various organizational credentials – from passwords and TOTPs to SSH keys, key-value pairs, and API tokens – in a unified platform.
These functionalities are built upon three core principles that guide Passbolt’s development, evident across their website, presentations, internal documentation, and roadmap prioritization:
- Collaboration: Enabling teams of any size to share credentials with granular control for scalable operations.
- Security: Implementing end-to-end encryption through a distinctive public-private key architecture for secure password sharing.
- Open Source and Free: Maintaining a commitment to keeping Passbolt Community Edition (CE) free, fully functional, and equipped with all essential features for effective team credential collaboration.