The password manager Bitwarden has announced $100 million in new funding from the equity firm PSG, with participation from existing investor Battery Ventures.
It will use the money to accelerate product and company growth to meet the growing needs of its customers.
According to Bitwarden, the switch to remote work and therefore the further mixing of work and life has led to many people using the same passwords for multiple accounts, thus putting them at risk for password theft.
Bitwarden’s password manager helps to reduce the frequency of this occurring, with features such as autofill, password generation, password strength scoring, secure credential and file sharing, and flexible cloud and self-hosted deployment options.
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“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 Michael Crandell, CEO of Bitwarden. “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.”
According to Crandell in a blog post, the investment will not change the company’s core values of offering a fully featured free version, open source architecture, self-hosting options, and advanced business features.
It will use the money to accelerate product and company growth to meet the growing needs of its customers.
