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LBAN Portfolio Startup Passbolt Continues To Scale With €4 Million In Seed Round

Updated: Mar 31, 2023

Passbolt is a password manager built for organizations that take their security and privacy seriously. Passbolt is trusted by 15 000 of them worldwide, including F500 companies, the defense industry, universities, startups and many others.

We met with the founder Kevin Muller to see how the company has been scaling since the last investment round was completed in 2022.

Working with LBAN during our fundraising was a breeze. I was particularly impressed by the level of expertise and maturity of the investment team which understood the specificities of our market and business model from our first conversation.

Their entrepreneurial journey begin in 2016 when they joined the very first cohort of the Fit4Start program.

After graduation from the program, they have been based at TechnoPort, an incubator for tech startups, just until the latest funding round, when the team needed to expand and moved to new offices in Belvaux south of Luxembourg. The team secured seed round funding of 4 Million Euros (split between 2 rounds, the initial seed round: 2.2M and the round extension: 1.8M).

With this investment round we aim to scale our team to accelerate both, product development and our sales and marketing activities.

Passbolt is in a unique position due to its EU location and privacy-first posture, but at the same time password management is a crowded space so it is important that we move fast to capture our market before someone else does it.

Cybersecurity always begins with password protection. Passbolt is headed to become the de-facto password management platform for EU-based businesses and all other organizations worldwide that care about their security and privacy. Passbolt is already used by 15 000 organizations worldwide including governments, the defense sector, F500 companies, universities, etc.... we aim to be used by millions.

says the founder.

We keep a close eye on the scaling of Passbolt and wish the team the best of luck in this entrepreneurial journey.

photo credit: Silicon Luxembourg

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