Open-source password manager Bitwarden raises $100 million
Bitwarden, an open-source password manager for businesses and consumers, raised $100 million in a fundraising round led by PSG, with participation from Battery Ventures.
Originally founded in 2015, Santa Barbara, Calif.-based Bitwarden operates in a space that includes well-known incumbents such as 1Password, which recently hit a $6.8 billion valuation through a fundraising in funds of $620 million, and Lastpass, which recently became an independent company again two years after landing in the hands of private equity firms.
In a nutshell, Bitwarden and its ilk allow people to automatically generate hard-to-guess passwords and store them all in a secure digital vault. This is to help people avoid reusing the same predictable password across all of their online accounts.
In addition to its basic free service, which gives users access to unlimited password storage across all platforms, Bitwarden offers a set of paid premium tools and services, including advanced enterprise features such as single sign-on (SSO) and identity integrations. management. Bitwarden's big differentiator, of course, is that it's built on an open-source codebase, which is good for very security-conscious individuals and businesses as it allows them to inspect fully the inner workings of the platform. Additionally, users can contribute to the codebase and accelerate the development of new features.
Bitwarden< /p>
It should be noted that today's "minority growth investment" represents Bitwarden's first fully disclosed external funding in its seven-year history, although TechCrunch is reliably informed that the company actually raised a so far undisclosed Series A in 2019.< /p>
However, its latest cash injection is indicative of how the world has changed in recent years: the rise of remote working means people often combine personal and work accounts on the same devices, while they can use the same password. on their countless online accounts. Such poor password hygiene puts businesses at risk, which is why they're looking for ways to encourage their staff to use security-focused tools like password managers instead. p>
"Our investment in Bitwarden reflects our belief that the password management market is poised for tremendous growth as online account usage increases and security concerns increase in the world. 'hybrid working environment', PSG chief executive Tom Reardon said in a press release.
Furthermore, growing competition and venture capital investment in the password management space means that Bitwarden cannot rest on its laurels: it needs to grow, and that is what its funds will be used. The company confirmed plans to expand its offering across multiple aligned security and privacy verticals, including secrets management - something 1Password expanded last year through its acquisition of SecretHub.
>"The timing of the investment is ideal as we expand opportunities in developer secrets, passwordless technologies and authentication," said Michael Crandell, CEO of Bitwarden. "Most importantly, we aim to continue serving all Bitwarden users for the long term."
Bitwarden, an open-source password manager for businesses and consumers, raised $100 million in a fundraising round led by PSG, with participation from Battery Ventures.
Originally founded in 2015, Santa Barbara, Calif.-based Bitwarden operates in a space that includes well-known incumbents such as 1Password, which recently hit a $6.8 billion valuation through a fundraising in funds of $620 million, and Lastpass, which recently became an independent company again two years after landing in the hands of private equity firms.
In a nutshell, Bitwarden and its ilk allow people to automatically generate hard-to-guess passwords and store them all in a secure digital vault. This is to help people avoid reusing the same predictable password across all of their online accounts.
In addition to its basic free service, which gives users access to unlimited password storage across all platforms, Bitwarden offers a set of paid premium tools and services, including advanced enterprise features such as single sign-on (SSO) and identity integrations. management. Bitwarden's big differentiator, of course, is that it's built on an open-source codebase, which is good for very security-conscious individuals and businesses as it allows them to inspect fully the inner workings of the platform. Additionally, users can contribute to the codebase and accelerate the development of new features.
Bitwarden< /p>
It should be noted that today's "minority growth investment" represents Bitwarden's first fully disclosed external funding in its seven-year history, although TechCrunch is reliably informed that the company actually raised a so far undisclosed Series A in 2019.< /p>
However, its latest cash injection is indicative of how the world has changed in recent years: the rise of remote working means people often combine personal and work accounts on the same devices, while they can use the same password. on their countless online accounts. Such poor password hygiene puts businesses at risk, which is why they're looking for ways to encourage their staff to use security-focused tools like password managers instead. p>
"Our investment in Bitwarden reflects our belief that the password management market is poised for tremendous growth as online account usage increases and security concerns increase in the world. 'hybrid working environment', PSG chief executive Tom Reardon said in a press release.
Furthermore, growing competition and venture capital investment in the password management space means that Bitwarden cannot rest on its laurels: it needs to grow, and that is what its funds will be used. The company confirmed plans to expand its offering across multiple aligned security and privacy verticals, including secrets management - something 1Password expanded last year through its acquisition of SecretHub.
>"The timing of the investment is ideal as we expand opportunities in developer secrets, passwordless technologies and authentication," said Michael Crandell, CEO of Bitwarden. "Most importantly, we aim to continue serving all Bitwarden users for the long term."
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