PasswordBox has raised USD6m in a series A funding round led by OMERS Ventures, along with Mark Britto, chief executive of BOKU, and Lee Linden, head of Facebook ecommerce.
PasswordBox, a secure password management solution, plans to use the funds to continue scaling and growing its team.
"Thirty eight per cent of Americans believe it would be easier to achieve world peace than to remember all of their online passwords," says 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," says 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."
