Home > Business > Passbolt Raises 1.1 Million Euros

The startup specialized in password security has just announced a new round of financing of more than 1M Euros to grow its team and launch new features for its 100k so daily users. Announced this morning by its founder and CEO at a press conference held at the Ministry of the Economy as part of the announcement of the new promotion of the Fit 4 Start program – of which he is an emeritus member of the jury after having participated himself with his team – Kevin Muller spoke frankly about this new fundraising campaign.

Photo: Kevin Muller, Founder & CEO of Passbolt / Credits © Anna Katina / Silicon Luxembourg

Can you remind me what Passbolt is?

Passbolt is an open source password manager for digital teams and DevOps. It focuses primarily on the needs of digital teams because they are the backbone of modern companies and they have the largest number of credentials to manage on a daily basis due to their agile practices.

We are in the “server-on-demand” era: millions of servers are created and launched every second, generating an ocean of passwords. More than a safe to store them, Passbolt is a toolkit to that automates management.

Passbolt is DevOps and API first. It can be installed within a few seconds and configured at will thanks to its Open Source dimension.

What service(s) do you offer?

We have 3 products:

Passbolt CE (Community Edition): Free (and always will be), open-source, “no strings attached”. This is our most popular edition, used by thousands of teams all over the world.

Passbolt PRO: Also open-source and self-hosted, this is our premium offer. It has additional features and includes technical support from our team.

Passbolt Cloud: It’s Passbolt Pro, but hosted on our servers, for customers who don’t have the resources or infrastructure to host themselves.

Why did you decide to go around the table again?

Over the last few years Passbolt has become quite popular with digital teams. We will soon pass the 100,000 daily users mark, coming from more than 7,000 teams who have chosen Passbolt to manage their passwords. It’s very exciting, but is also generating growing expectations from our users and customers.

We have a “good” problem for a startup in the sense that we are literally overwhelmed by the demands. The objective of this roundtable is to grow our team to be able to deal with it, and deliver the features of our roadmap that have been promised and expected.

You are a member of the new Fit 4 Start jury, what are your impressions of the pitches you’ve heard and the startups selected? What message do you want to convey to them?

First of all I would like to say that it is a real honor to be a member of the Fit 4 Start jury in this new edition. Our journey begat at Fit4Start and it has been a real springboard for Passbolt. I am happy to see that the number and quality of startups is increasing every year. This is very promising for the existing ecosystem and it is telling that Luxembourg has made a place for itself as a “startup nation”.

For this new edition we have seen many quality startups and pitches. We had to make a choice but it was not easy.

My message to the selected startups: First of all, congratulations! Secondly, I advise you to invest yourself as much as possible in the program because it is rare in an entrepreneur’s life to have the opportunity to get your head out of the handlebars and take a step back from the multiple aspects of your startup while being coached by experts. Don’t be shy in challenging your assumptions and stay lean!

For those who have not been selected: Simply persevere!

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