Passbolt receives USD 8 million Series A

Open source company Passbolt secures 8 million US dollars to accelerate the development of its password and access management solution

Luxembourg, January 23, 2025 - Open source startup Passbolt has successfully closed a Series A funding round of 8 million US dollars. The funds will be used to accelerate the development of its password and access management solution, expand international sales and meet increasing security and regulatory requirements.

New financing round and prominent investors

The financing round was led by Airbridge Equity Partners from the Netherlands. Existing investors such as Expon Capital, ScaleFund, Seeder and Dedicated as well as industry veterans such as Christophe Bianco and Xavier Buck also participated. Since its foundation in 2016, Passbolt has raised a total of over 12 million US dollars in several financing rounds.

The confidence of our investors demonstrates the relevance of our solution and validates our approach to provide secure and collaborative access management solutions for organizations of all sizes

Kevin Muller, CEO of Passbolt

Passbolt: Password and access management for modern teams

Passbolt sets itself apart from traditional password managers and privileged access management (PAM) solutions by offering an open source platform that specifically addresses the needs of agile and distributed teams.

Companies are often faced with the choice between simple consumer solutions and complex enterprise products. Passbolt offers a modern alternative that combines security, collaboration and flexibility.

Rick van Boekel, Managing Partner of Airbridge Equity Partners

The platform enables IT and security teams to securely manage and share sensitive credentials such as root accounts, SSH keys and API tokens. At the same time, employees and teams can easily manage passwords and access data via a user-friendly interface. Common security standards such as two-factor authentication (2FA) and time-based one-time passwords (TOTPs) are also supported.

Use of funds and plans for the future

Passbolt intends to use the fresh capital to accelerate the development of its platform. The focus is on the introduction of Passbolt 5.0, which will offer enhanced functions and additional integration options. The company also plans to expand its international sales and marketing activities in order to tap into additional markets.

Currently, over 40,000 organizations worldwide use Passbolt, including 2,000 paying customers. The platform is available as a free Community Edition, an Enterprise Edition with support services and as a SaaS solution (Passbolt Cloud).

Gartner analysts expect the market for Privileged Access Management (PAM) to grow to 2.8 billion US dollars by 2027. In particular, the increasing use of remote work, mobile devices and external contractors is driving the demand for secure and flexible solutions.

Open source as a competitive advantage

A key advantage of Passbolt is its open source approach. Companies can host the platform themselves and adapt it to individual requirements. This ensures maximum control and flexibility, especially for organizations with strict security and compliance requirements.

We are proud to strengthen the open source community and support companies around the world with innovative solutions

Alain Rodermann, Partner at Expon Capital

With the successful Series A funding and a clear focus on security, collaboration and open source development, Passbolt is well positioned to establish itself as a leader in password and access management. The combination of technological progress and growing market potential promises an exciting future for the company.