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The Luxembourg-based startup Passbolt has bagged an investment round of €460,000 led by Expon Capital. The other investors joined in the funding drive include Belgium-based BeAngels and French angel network Yeast. Passbolt specialises in industrial password management.
Raised double than expected
Initially, Passbolt was aiming to accrue funding around €200,000 targeting angel investors but eventually managed to secure more than twice as investment funds also shown interest towards the promising startup.
Kevin Muller, co-founder and CEO of Passbolt shared, “We were initially looking for smaller funding. But when we started pitching the project, we realized that our product angle and growth metrics were attracting investors.”
Further, he added, “The realization that we are responding to a real, current problem by protecting sensitive data and that we have seen nearly viral growth are two assets that really tipped the scales in our favor.”
Earlier in September 2017, Passbolt had collected €210,000 in a funding round from private and public investors.
Passbolt – a password management solution
Passbolt is an open source PGP (Pretty Good Privacy)-based password manager that enables secure data sharing among team members of enterprises. By means of GnuPG, the platform validates users and verifies secret server side. The software can be customised by fabricating on top of its API.
Incubated at Technoport, Passbolt was founded by three young entrepreneurs including Cedric Alfonsi, Kevin Muller and Remy Bertot in 2017. Presently, the platform serves 30,000 users.
Aims a minimum 100,000 users in 2019
After the capital influx, Passbolt is looking forward to upgrading its software and widening its team. It is yearning a growth plan of attaining at least 100,000 users in the year 2019 itself. Further, the startup is going to launch Passbolt Cloud, a SaaS to facilitate users having limited infrastructure with password management.
Stay tuned to Silicon Canals for more updates in the tech startup world.
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