Total amount raised
$100 Millions
Latest funding date
September, 2022
Location
Bitwarden has successfully raised significant funding through multiple rounds, with notable investors including PSG Equity and Battery Ventures. The company offers a range of open-source password management solutions tailored for individuals, teams, and businesses.
Keep reading to delve into the details of Bitwarden's funding journey and the key investors supporting its growth.
What Is Bitwarden?
Bitwarden, founded in 2015 by Kyle Spearrin, is headquartered in Santa Barbara, California. The company specializes in open-source password management solutions for individuals, teams, and businesses.
Bitwarden's offerings include secure storage for passwords and sensitive information, as well as tools for secure data transmission. Their products cater to a wide range of users, from individuals to large enterprises.
With a globally distributed team, Bitwarden employs between 101-250 people, ensuring robust support and continuous innovation in password management.
How Much Funding Has Bitwarden Raised?
Series A
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enhance security features.
Series B
- Amount Raised: $100M
- Date: September 2022
- Lead Investors: PSG Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth, scale the open-source solution, and create new tools and features.
Total amount raised: $100M. Current valuation: Not publicly disclosed.
Key Investors
- PSG Equity
- Details: PSG Equity is a growth equity firm that partners with middle-market software and technology-enabled service companies. They focus on helping these companies navigate transformational growth and capitalize on strategic opportunities.
- Investment Focus Areas: Software, technology-enabled services, middle-market companies.
- Notable Investments: Jobvite, Formstack, Assembly.
- Battery Ventures
- Details: Battery Ventures is a global investment firm that invests in technology and innovation across various sectors. They support companies at all stages, from seed to growth and buyout.
- Investment Focus Areas: Software, enterprise IT, industrial technology.
- Notable Investments: Nutanix, Coupa, Glassdoor.
What's Next for Bitwarden?
Bitwarden stands at the cusp of significant growth opportunities, driven by the increasing demand for secure password management and the rise of passwordless technologies. With a $100 million investment, the company is poised to expand its offerings in developer solutions, authentication methods, and international markets.
Future fundraising could be on the horizon as Bitwarden continues to scale and innovate. However, challenges such as maintaining a balance between free and paid services, competing with established players, and managing rapid international expansion will require strategic navigation.
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