- The investment will be used by Bitwarden to support its user community and scale its solutions
- As part of this investment, Tom Reardon and Govind Anand will join the Bitwarden board of directors
- PSG invests in software and technology-enabled services companies
Santa Barbara, California-based Bitwarden, an open-source password manager for both individuals and businesses, has secured a $100 million minority growth investment. The lead investor was PSG with participation from return backer Battery Ventures.
The investment will be used by Bitwarden to support its user community and scale its solutions.
“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, a managing director at PSG, in a statement. “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.
PSG is a growth equity firm invests in software and technology-enabled services companies. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv.
Founded in 1983, Battery backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv.