With participation from current investor Battery Ventures, PSG, a top growth equity firm that partners with software and technology-enabled services companies to help accelerate their growth, and Bitwarden, an open source password manager for both individuals and businesses, today announced that it has secured a $100 million minority growth investment. With this financing, Bitwarden is happy to further its aim of helping its user community and scaling its open source, adaptable solution to provide more robust alternatives for both individuals and businesses in terms of online security.
People now have to generate, manage, and remember hundreds of different internet credentials as a result of the decentralisation of work and the mixing of “personal” and “work” gadgets. End customers are at danger of password theft because this frequently results in password reuse across several accounts. Poor credential hygiene is having an impact on businesses, with more than half of IT teams reporting a hack in the last year, according to a research. Phishing attacks and password threats are one of the major weaknesses for modern enterprises because of the wide-ranging effects that a successful cyberattack may have on people and organisations, from identity theft to financial fraud.
Bitwarden offers an open source, completely customizable password manager that operates without a hitch on any device, assisting both individuals and companies in maintaining their online safety. Features like credential autofill, automatic end-user password generation, password strength grading, secure credential and file sharing, and flexible cloud and self-hosted deployment choices for sophisticated companies are all included in Bitwarden’s paid and free editions. Thousands of organisations and millions of end customers are currently served globally by Bitwarden. We think that this round of funding will enable the business to hasten the creation of fresh features and solutions for its constantly expanding worldwide user base.
“By taking a differentiated approach to password management — one that serves individuals and business, one that stands by open-source, one that makes a fully featured free version available to the world — I believe Bitwarden has leapt ahead in the market,” said Bitwarden CEO Michael Crandell. “The rapidly expanding Bitwarden customer base, including small and large companies alike, combined with a highly engaged community, in our view, continues to set Bitwarden apart from other solutions. The timing of the investment is ideal, as we expand into opportunities in developer secrets, passwordless technologies, and authentication. Most importantly, we aim to continue to serve all Bitwarden users for the long haul.”
“Our investment in Bitwarden reflects our conviction that the password management market is poised for considerable growth as online account use grows and security concerns mount in the hybrid working environment,” commented Tom Reardon, Managing Director at PSG. “In our view, Bitwarden distinguishes itself among the available alternatives by virtue of its open-source architecture, flexible deployment options and zero-cost offering which millions of individuals have utilized. These unique attributes remain unchanged, and we look forward to helping the team bring this solution and the next generation of password management tools to a broader group of customers.” As part of this investment, Tom Reardon and Govind Anand will join the Bitwarden Board of Directors.
