Dashlane Closes Largest Funding Ever for Password and Identity Management - $22m Series B Led by Bessemer Venture Partners
New York, NY (PRWEB) May 19, 2014 -- Dashlane, the world’s leading password manager and digital wallet, announces a $22 million Series-B funding round led by Bessemer Venture Partners (BVP), with participation from existing investors Rho Ventures, FirstMark Capital, and Bernard Liautaud, the original founder of the company. The round brings Dashlane’s total funding to date to $30 million.
While consumers are increasingly sharing their identity and payment information online, there is growing awareness of the security issues related to personal data on the cloud. As vulnerabilities such as Heartbleed come to light, consumers are getting even more wary of their online security. In this environment, Dashlane makes identity and payments simple and secure with its fully-featured password manager and secure digital wallet app. Dashlane has helped over 2 million users manage and secure their digital identity, and has enabled over $1 billion in e-commerce transactions.
The company will use the additional capital from this round to reinforce its team, accelerate growth and further extend its lead in the identity and password management space. CEO Emmanuel Schalit stated, “Our mission has always been to build a simple, universal and secure solution for identity and payments on the web. Today, hundreds of millions of web users still manually register, login and check out on desktops and mobile devices, and leave themselves vulnerable to online security threats in the process. Dashlane elegantly solves this problem for consumers, and this new round gives us even more resources to go after this fantastic opportunity.”
BVP partner Alex Ferrara will join Dashlane’s board. Ferrara noted, “Dashlane is pioneering a new category of consumer security software; helping people take back control of identity and payments information on the web. As consumers put more of their lives and the lives of their loved ones online, they face greater risk of losing that information to hackers. Dashlane is the best way to securely store passwords, credit cards, and other sensitive information on the web.”
Schalit further stated, “BVP is the ideal partner to join Rho and FirstMark in this round. They have long term views about the strategic value of our space, a stellar track record and bring a wealth of relevant experience in the US, and also as a global firm. We are thrilled to welcome them to the team.”
Bernard Liautaud added “I founded Dashlane based on the vision that a universal consumer solution for identity and payments was a critical missing link of the Internet. I am pleased to see that Dashlane is on track to realize that vision. This new round of funding allows the company to accelerate even further towards that objective.”
Dashlane allows its users to manage passwords, credit cards, IDs, notes and other important information securely via advanced encryption and local storage all of this data. Other features include automatic password generation, a security dashboard for assessing password health, and click-only checkout on every website and every device.
Dashlane is available on PC, Mac, Android and iOS, with its iOS app being the highest rated productivity app on iTunes.
About Bessemer Venture Partners: Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Mumbai, Bangalore, Herzliya and Sao Paulo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Yelp, Skype, CornerstoneOnDemand, Pinterest, Box and Twilio. Over 100 BVP companies have gone public. Learn more at bvp.com and follow us on Twitter @BessemerVP.
About Rho Ventures: Rho Ventures (http://www.rho.com) has a multi-stage investing strategy focused on high-growth companies in large markets. Rho Ventures' investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners' deep sector expertise and its far-reaching network to assist each portfolio company. This approach has allowed Rho to participate in the growth of some of today's most innovative and successful companies, including Active Power, Capstone Turbine, Ciena, Compaq Computer, EverydayHealth.com, Gloucester Pharmaceuticals, Human Genome Sciences, IntraLinks, iVillage, MedImmune, ReachLocal, Shire Pharmaceuticals and Tacoda. Rho Ventures is currently investing from Rho Ventures VI, a $510 million fund. The firm has offices in Palo Alto, Calif., New York and Montreal, with investments across the globe.
About FirstMark Capital:Based in New York City, FirstMark Capital invests in ground-breaking companies that are creating new markets with innovative technology solutions or fundamentally changing existing markets by applying a fresh approach and new business model. A venture leader with more than $2 billion in capital commitments, FirstMark's team of investment and operations professionals have decades of real-world experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. Select historical investments include: Riot Games (Acquired by Tencent Holdings); Duck Creek Technologies (Acquired by Accenture); Netgear; Boomi (Acquired by Dell); First Advantage (Acquired by First American Corporation); StubHub (Acquired by eBay); Netegrity (Acquired by CA); Flarion (Acquired by Qualcomm); OutlookSoft (Acquired by SAP); Vallent (Acquired by IBM); and Navic Networks (Acquired by Microsoft). Current investments include: SecondMarket, Knewton, Pinterest, OpenGamma, Shopify and Lumos Labs. For more information, please visit: http://www.firstmarkcap.com.
About Dashlane: Dashlane makes identity and payments simple and secure everywhere, with its world-leading password manager and secure digital wallet. It is the solution for the common problem encountered by hundreds of millions of web users worldwide - that of registering, logging in and checking out on every website and every device. Millions of people use Dashlane to manage their passwords, automatically log in, generate strong passwords, pay on any website with any card without typing, and more. Its solution has won critical acclaim by top publications including the Wall Street Journal, the New York Times, and USA Today. The company was founded in 2009 by Bernard Liautaud and co-founders Alexis Fogel, Guillaume Maron and Jean Guillou. Dashlane has offices in New York City and Paris, France, and is funded by Rho Ventures, FirstMark Capital and Bessemer Venture Partners. Learn more about Dashlane at Dashlane.com.
Ryan Merchant, Dashlane, http://www.dashlane.com, +1 (718) 419-4441, [email protected]
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