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.
“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.”