PasswordBox Receives $6 Million in Venture Capital Funding
Company reaches over 1 million users 3 months after public launch
SAN FRANCISCO, CALIFORNIA - PasswordBox announced it has raised $6 Million in Series A funding. The round was led by OMERS Ventures, and includes strategic Silicon Valley angel investors, involving Mark Britto, CEO of BOKU and Lee Linden, Head of Facebook eCommerce. PasswordBox, a secure and easy-to-use password management solution, plans to use the funds to continue scaling and growing its team.
"Thirty eight percent of Americans believe it would be easier to achieve world peace than to remember all of their online passwords," said Dan Robichaud, PasswordBox CEO. "PasswordBox offers a simple and highly secure password management solution. We've now reached over one million users, and continue to grow both as a company and team."
Online consumers have an average of 25 online accounts. The majority of people reuse the same username and password across multiple websites. Having a different, strong password for each website increases security. PasswordBox generates strong passwords that provide users with military-level protection of their information.
"PasswordBox clearly fits our investment strategy, which involves partnering with companies with significant growth potential and market opportunities," said Damien Steel, Director at OMERS Ventures. "People have too many passwords to remember. Using more complex passwords just compounds the issue, while more simple or repetitive passwords can be vulnerable to security issues. PasswordBox fills an important need, providing a secure, easy-to-use solution users can access from any location, on any device."
PasswordBox manages more than just passwords. PasswordBox is able to maintain its high level of security and ease-of-use as users extend their digital lives with more devices, apps and accounts. Additional features allow users to share access to their accounts with others without divulging their passwords, and to entrust their digital assets, including movies, music or photos, to their loved ones in case something happens to them.