Open-source password manager Bitwarden has secured a $100m minority growth investment, which was led by private equity firm PSG.
Existing investor Battery Ventures also joined the round.
With the capital, Bitwarden plans to scale its open-source, flexible solution to offer stronger online security options for individuals and enterprises. It will also look to build new tools and features.
The Open-source password manager platform claims that the decentralisation of work and mixing of personal and work devices has left individuals to create, manage and remember dozens of online credentials. This leads to password reuse and puts end users at risk of password theft.
Bitwarden helps individuals and businesses operate safely online through an open-source and gully customisable password manager. Paid and free versions include features for credential autofill, automatic end-user password generation, password strength scoring, secure credential and file sharing, and flexible cloud and self-hosted deployment options for sophisticated enterprises.
The CyberTech company currently serves tens of thousands of businesses and millions of end users globally.
Bitwarden CEO Michael Crandell said, “By taking a differentiated approach to password management — one that serves individuals and business, one that stands by open-source, one that makes a fully featured free version available to the world — I believe Bitwarden has leapt ahead in the market.
“The rapidly expanding Bitwarden customer base, including small and large companies alike, combined with a highly engaged community, in our view, continues to set Bitwarden apart from other solutions. The timing of the investment is ideal, as we expand into opportunities in developer secrets, passwordless technologies, and authentication. Most importantly, we aim to continue to serve all Bitwarden users for the long haul.”
Earlier in the year, Allthenticate raised $3m in seed funding as it looks to rid the world of passwords. Its platform aims to “make security products that are fun, easy to use, and ridiculously secure.”
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