PasswordBox Raises $6 Million VC Round Led by OMERS Ventures

Posted by Techvibes NewsDesk

PasswordBox announced this morning that it has raised a $6 Million Series A funding round led by OMERS Ventures. The round also includes strategic Silicon Valley angel investors, involving Mark Britto, CEO of BOKU and Lee Linden, Head of Facebook eCommerce.

According to today's release the Montreal-based  password management startup plans to use the funds to continue scaling and growing its team.

“Thirty percent of Americans believe it would be easier to achieve world peace than to remember all of their online passwords,” said 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.

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“PasswordBox clearly fits our investment strategy, which involves partnering with companies with significant growth potential and market opportunities,” said 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.”

Company:
OMERS Ventures
Website:
http://www.omersventures.com
Location:
Toronto, Ontario, Canada

We're OMERS Ventures and we are as passionate about your success as you are about your company. We are looking for like-minded partners who have a shared vision of building a vibrant and successful Canadian knowledge economy. OMERS Ventures is the venture capital arm of OMERS, one of Canada's largest pension funds with over $53 billion in net assets. more

Company:
PasswordBox
Website:
http://www.passwordbox.com
Location:
Montréal, Québec, Canada

PasswordBox is the first digital life manager that offers easy 1-click login; secure password sharing; strong password generation and digital life management across all devices. Say goodbye to multiple usernames and passwords that are impossible to remember. From now on, your PasswordBox master password is the only one you’ll ever need. All of your passwords are securely stored and available at any time, on any... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property. Originally founded in 2002, Techvibes is dedicated to covering social, mobile, and startup news that impacts Canadians. Our editors and nationwide network of reporters combine breaking hyperlocal news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and... more



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