Venture capital heavyweight Sequoia has led a $110m Series D funding round for credential and digital ID management provider Dashlane.
Existing investors Rho Ventures, FirstMark Capital and Bessemer Venture Partners also took part in the round, which Dashlane said would be used to enhance its core product, add new capabilities to better address the needs of consumers and businesses of all sizes, and “build a category-defining brand”.
Dashlane also revealed that Joy Howard will transition out of her current role as chief marketing officer at Lyft to join the company as CMO in August.
Howard has a proven track record for growing iconic, multi-billion-dollar global brands, and previously held leadership positions at Sonos, Patagonia, Nike, and Coca-Cola.
Sequoia partner Jim Goetz said, “While most people are not aware of the magnitude of [data privacy and security] issues, an entire economy is booming and growing in sophistication around harvesting and weaponising stolen credentials, with participation from nation-states and cybercriminals.
“We believe this category has the potential to one day surpass anti-virus in size, and we are excited to partner with the emerging market leader as they create and grow the category.”
Howard added, “For years the tech community has maintained that people don’t care enough about their digital security to invest in real protection.
“We don’t believe this is true. Rather, people care deeply about protecting their digital identities, but lacked the effective means.
“Dashlane is a powerful yet simple tool that empowers users to control their digital identities. I look forward to helping them build a world-class brand and a company that makes digital life worry-free for everyone.”
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