Passbolt Secures $8M for Collaborative Password Management
Passbolt Secures $8 Million in Seed Funding to Enhance Open-Source Password Management
Luxembourg-based password management provider Passbolt has successfully raised $8 million in seed funding to further develop its innovative open-source platform designed specifically for small and mid-size businesses. This significant investment, reported by TechCrunch, aims to bolster Passbolt’s mission to overcome the limitations of traditional password managers like KeePass, Bitwarden, and 1Password.
Founded in 2017, Passbolt is committed to providing a more secure, collaborative, and user-controllable password management solution. The platform is tailored to meet the needs of distributed teams, offering essential features such as granular password sharing, user access auditing, and self-hosting options.
Key Features of Passbolt’s Password Management Solution
Passbolt continues to evolve, integrating a variety of tools that enhance user experience and security. Key features include:
- Password Rotation and Expiry: Ensures that passwords are updated regularly to enhance security.
- Role-Based Access Controls: Allows organizations to assign specific permissions based on user roles.
- Two-Factor Authentication (2FA): Adds an extra layer of security to user accounts.
- Native Desktop Applications: Provides users with convenient access across devices.
Future Developments and Security Credentials
Looking ahead, Passbolt plans to implement additional updates, including passkey management capabilities. The platform’s commitment to security is underscored by its SOC2 Type II certification, and its code undergoes regular audits to maintain high standards of safety and reliability.
Community Engagement and Adoption
Passbolt operates under an open-source model, offering a free community edition alongside paid Pro and hosted solutions. Currently, the platform supports 38,000 teams using the free version, while 2,000 teams have opted for premium services, with a notable 75% of users choosing to self-host their instances.
For those interested in learning more about password security, check out our articles on best practices for password management and the importance of two-factor authentication.
Join the Conversation
As Passbolt continues to grow and innovate in the field of password management, we invite readers to share their thoughts on the evolving landscape of cybersecurity. Have you tried Passbolt or another password manager? Let us know your experiences in the comments below!