search

Cédric Alfonsi, Rémy Bertot, Kevin Muller, Passbolt’s cofounders2019 got off to a good start for Passbolt. Created just two years ago and incubated at the Technoport, the start-up announced in early January the finalisation of a much larger fundraising campaign than initially planned.

“We thought we were only attracting business angels, but we realised when making our presentations that investment funds were also interested,” explains Kevin Muller, Passbolt’s co-founder and CEO. “Our initial objective was to raise around 200,000 euros and we managed to secure more than double.”

Multinational groups among its customers

The start-up has convinced two business angel networks to take part in the adventure, BeAngels (Belgium) and Yeast (France). They were joined by the Digital tech fund, the public-private seed fund managed by the venture capital company Expon Capital. Thanks to these three investors, this round table raised €460,000.

This is Passbolt’s second fundraising initiative. The start-up closed a round of funding of €210,000 in September 2017, with capital coming from private and public investors. The company had also successfully participated in Luxinnovation’s Fit 4 Start programme in the spring of 2017.

Passbolt has developed a solution for sharing passwords between employees. This aims not only to close the security gaps created by these practices, but also to improve competitiveness, particularly in the ICT sector. “All it takes is for a project manager in charge of passwords to go on vacation and a team of developers will find themselves at a standstill,” says Kevin Muller.

After more than a year of testing its solution with a community of users, Passbolt launched its commercial offer in spring 2018. Today, it has 30,000 users, including some major names from the automotive industry.

A cloud version in development

This arrival of fresh money will allow the young company to work on improving the functionalities of its solution, but also to strengthen its sales teams. Between 3 and 5 people are expected to be recruited this year.

“We want to improve the software installation process and offer a cloud service to meet the needs of smaller organisations,” adds Kevin Muller. “We also need to develop enhanced functionalities, especially for our largest customers.”

The start-up’s objective is now to reach “a minimum” of 100,000 users by the end of the year.

Photo Credit @Greg Buttay

Read more

Waste heat: Time to take action

28-03-2024

The workshop organised by Luxinnovation on 26 March highlighted the need to take appropriate measures to reuse "lost" heat in industrial processes. An EU directive also supports this approach.
Read more

Cross-border tours in support of digital transformation

20-03-2024

Luxembourg manufacturers will visit Hannover Fair and the Deloitte Smart Factory during the L-DIH Cross-Border Tour from 24 to 25 April 2024.
Read more

Launch of the second joint R&D call in the defence sector

19-03-2024

This call for projects specifically targets the deployment of dual-use capabilities that can be utilised for both civilian and military purposes, with a focus on themes like "smart mobility," "resilience," and "strategic foresight and climate change adaptation."
Read more

56 days until the 2024 European Digital HealthTech Conference

19-03-2024

Register for a unique conference exploring the challenges of bringing health technologies to the market and their solutions from 14 to 15 May 2024 in Luxembourg. A call for speakers is also open until 16 April.
Read more

Business Partnership Facility launches 11th edition

15-03-2024

A new call for projects has been launched by the Luxembourg Cooperation with a view to co-financing innovative business partnerships in developing countries up to €200,000. Submission deadline: 30 April 2024.
Read more

Resources all news

Fermer