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Venture capitalPasswordbox raises $6 million in Series A funding

Published 15 November 2013

PasswordBox emerged last June with a downloaded computer and mobile app which creates, saves, and manages every password a user has while keeping them safe with AES 256-bit encryption. The $6 million — raised in sixty days, closing in August – will go toward the imminent acquisition of a small company. PasswordBox declined to discuss which company or in what space the target operates.

Montreal-based PasswordBox announced $6 Million in Series A funding. This round of financing is led by OMERS Ventures, a pension fund with nearly $61 billion in net assets, and several Silicon Valley angel investors, including Mark Britto, CEO of BOKU, and two Facebook executives.

OMERS has said of their involvement that “PasswordBox fills an important need, providing a secure, easy-to-use solution.”

Lee Linden, Facebook’s head of eCommerce, describes PasswordBox as “an elegant solution that everyone who has a phone, computer or tablet will need.”

Forbes reports that PasswordBox emerged last June with a downloaded computer and mobile app which creates, saves, and manages every password a user has while keeping them safe with AES 256-bit encryption. Once up and running, users need only remember one password to access all of their other passwords, and that access can be shared — or bequeathed to others upon death.

New features include wallet information in the mobile app which stores credit card, driver’s license, social security, and passport information, encrypted, as well as one-click password access a user’s apps on Android devices (available early in 2014).

Forbes notes that the $6 million — raised in sixty days, closing in August – will go toward the imminent acquisition of a small company. PasswordBox declined to discuss which company or in what space the target operates.

The company said this investment will also allow it to keep building and improving on a product that more than a million people around the world use every day.