Passbolt has successfully raised $8 million in Series A funding aimed at enhancing its password management and credential management solutions for organizations of various sizes. With over 400,000 active daily users, the platform prioritizes security for diverse organizational credentials. The funding will accelerate product development, including the rollout of Passbolt 5.0, which aims to expand functionality. The company operates within a rapidly growing privileged access management market, poised to reach $2.8 billion by 2027, indicating strong demand for their services.
"Organizations are trapped between consumer-focused password managers and complex monolithic enterprise solutions that don't meet the need for secure collaboration of agile teams operating in digital environments."
"We're building a new type of credential and access manager for organizations of all sizes."
"This funding will be used to accelerate product development and enable us to scale international sales and marketing activities.”
"Analysis from Gartner predicts the privileged access management (PAM) space will grow to $2.8 billion by 2027, underlining the huge demand for solutions."
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