California, a U.S-based open-source password manager, Bitwarden raised USD 100 million in growth funding. The company announced the financing on September 06, 2022. PSG, a leading growth equity firm partnering with software and technology-enabled services companies, led the growth funding for the company. Meanwhile, existing investor Battery Ventures joined in the investment.
As part of this deal, Tom Reardon and Govind Anand will become a part of the Bitwarden Board of Directors.
Purpose of funding for Bitwarden
With the latest capital funding, the company has plans to accelerate growth.
It intends to scale its open-source, flexible solutions to create new tools and features.
What the CEO has to say
Bitwarden CEO Michael Crandell said, “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. 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.”
What the investors have to add
Tom Reardon, Managing Director at PSG, said, “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. 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.”
René Bonvanie, Battery Executive in Residence and the longtime CMO of Palo Alto Networks, further added, “We are thrilled to continue partnering with Bitwarden, a highly valued security solution that remains accessible for all consumers with a no-cost option. The company’s impressive growth to date, alongside an increasing need for businesses and individuals to more carefully manage passwords, presents a compelling picture for what’s ahead.”
About the company
Kyle Spearrin launched the company in 2015. The U.S-based company operates as an open-source password manager for individuals and businesses. It empowers organizations and individuals to store and share sensitive data safely.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
