By November 13, 2013

Montreal’s PasswordBox Raises $6 Million in Venture Cap, Hits One Million Users

PasswordBox has already won over a lot of users and now they can call a few high profile angel investors, including a Facebook exec as a few more.

Today, just three months after launching the company announced its Series A funding, to the tune of $6 million. It also announced that one million users are using the platform. the Dan Robichaud-cofounded startup that locks up all your passwords in one safe, secure place, accessible by a one-click login.

The round was led by OMERS Ventures, and includes strategic Silicon Valley angel investors, involving BOKU’s Mark Britto and Facebook’s head of ecommerce, Lee Linden. 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 CEO Dan Robichaud. “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.”

password box

The company mentioned that online consumers have an average of 25 online accounts and yet the majority of people reuse the same username and password across multiple websites. (Admit it: you do this too). However, having a different, strong password for each website increases security, and 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 OMERS Ventures’ Damien Steel. “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.
PasswordBox is compatible with Chrome, Firefox, Safari, IE9, IE10, iPhone, iPad & Android Apps Mac & Windows OS.
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