Bitwarden, an open-source password manager for consumers and enterprises, raised $100 million in new funding.
PSG led the round with participation from Battery Ventures.
Bitwarden, launched in 2015, has its headquarters in Santa Barbara, California. It competes with 1Password, which just raised $620 million and was valued at $6.8 billion, and LastPass, which was just spun off by private equity firms.
Bitwarden automatically creates passwords that are hard to guess and stores them in a safe digital vault. This keeps people from using the same password for multiple online accounts.
The password management market size is expected to hit over $7 billion by 2030 from $1.5 billion in 2021, growing at a CAGR of 19.25%.
Tom Reardon, Managing Director at PSG, said, “Our investment in Bitwarden shows that we believe the password management market is going to grow a lot as the number of online accounts grows and security concerns rise in the hybrid working environment.”......