PasswordBox said Wednesday that it has closed US$6 million in Series A funding. OMERS Ventures led the round with participation from Silicon Valley angel investors, including Mark Britto, CEO of BOKU and Lee Linden, head of Facebook eCommerce. With offices in San Francisco and Montréal, PasswordBox is a password manager that allows users to securely store, retrieve, create and share passwords on any device. Update: OMERS Ventures is the venture capital investment arm of the Ontario Municipal Employees Retirement System.
SAN FRANCISCO, CALIFORNIA–(Marketwired – Nov. 13, 2013) – PasswordBox today 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.
Visit www.passwordbox.com to download PasswordBox, or visit the iTunes, Android Play or Chrome Store. PasswordBox is compatible with Chrome, Firefox, Safari, IE9, IE10, iPhone, iPad & Android Apps Mac & Windows OS.
About OMERS Ventures
OMERS Ventures (Twitter:@OMERSVentures) is the venture capital investment arm of OMERS, one of Canada’s largest pension funds with nearly $61 billion in net assets. It is an initiative of OMERS Strategic Investments (OSI), an investment entity with a mandate to build long-term strategic relationships with like-minded partners. As both an institutional angel investor and a later-stage investor, OMERS Ventures is looking for successful companies with significant growth potential and market opportunities. We are seeking like-minded partners with a shared vision of building a vibrant and successful knowledge economy. For more information please visit http://www.omersventures.com.
PasswordBox is the only free password manager that helps people securely store, retrieve, create and share passwords at anytime, anywhere, and on any device. Keep your online identity safe and say goodbye to multiple user names and passwords that are impossible to remember. From now on, your PasswordBox master password is the only one you’ll ever need. Also, PasswordBox includes secure one-click sharing, a strong password generator and a legacy feature with the ability to entrust your passwords to someone should something happen to you. PasswordBox has more than one million active users. Let PasswordBox get passwords off your mind. For more information visit www.passwordbox.com.
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