Password management platform Dashlane is riding the momentum of the $30 million it raised last month. Today, the New York-based company more than tripled its last investment, pulling in a $110 million Series D round.
The investment also more than doubles Dashlane’s previous funding total, boosting it to $211 million. Sequoia Capital led the round, with existing investors Rho Ventures, FirstMark Capital, and Bessemer Venture Partners also participating.
However, as CEO Emmanuel Schalit made clear in a blog post, “Dashlane’s ultimate success will not be measured by how much money we raise, but by our ability to empower people and businesses around the world to take control of their digital lives.” Dashlane is best known for its B2C offering that autogenerates secure passwords, as well as its form auto-filling function and digital wallet that securely stores users’ credit card information for fast online purchases. The company will use today’s investment to enhance its core product, add new capabilities, and build its brand to become synonymous with password security.
Schalit said that Dashlane is only “scratching the surface” of securing digital identities. “Billions of people and millions of businesses around the world feel the pain of digital identity – from breaches to stolen identities and the nuisance of remembering passwords. Few are even aware that there is a better way, and we are going to change that,” he said.
In addition to its B2C offerings, Dashlane also provides solutions that help businesses seamlessly onboard staff with new accounts, and has a partner program to allow brands to co-brand Dashlane’s identity manager as a service. The company’s partners include Visa, Intel, and yubico.
“While most people are not aware of the magnitude of these issues, an entire economy is booming and growing in sophistication around harvesting and weaponizing stolen credentials, with participation from nation-states and cybercriminals,” said Sequoia Partner Jim Goetz, who will join the company’s board of directors. “We believe this category has the potential to one day surpass anti-virus in size, and we are excited to partner with the emerging market leader as they create and grow the category.”
Dashlane also announced it has recruited Joy Howard (pictured), former CMO at Lyft, as its Chief Marketing Officer. Howard, who is slated to begin her role at Dashlane in August, will oversee the company’s global marketing initiatives. She brings to Dashlane her experience gained from leadership positions at Sonos, Patagonia, Nike, and Coca-Cola.
Since it was founded in 2009, Dashlane has amassed 11+ million users from 180 countries across the globe. The company demoed its password manager and keyboard-less ecommerce transaction technology at FinovateEurope 2013.