Dashlane closes $110m funding for password protection
Dashlane, a credential and digital identity management solution, has closed a $110 million Series D funding round led by Sequoia Capital. Existing investors Rho Ventures, FirstMark Capital and Bessemer Venture Partners also participated in the round.
The firm will use the funds to enhance its core product, add new capabilities and build a “category-defining” brand.
Jim Goetz, of Sequoia Capital, will be joining the company’s board of directors. Additionally, Goetz joins Dashlane’s board on the heels of former Spotify CMO, Seth Farbman, and alongside members like Bernard Liautaud, who founded Dashlane.
“For years the tech community has maintained that people don’t care enough about their digital security to invest in real protection,” says Joy Howard, who is Dashlane’s new CMO. “We don’t believe that this is true. Rather, people care deeply about protecting their digital identities, but lacked the right tool.”
Howard is joining Dashlane from Lyft, where she currently serves as CMO.
“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,” says Emmanuel Schalit, Dashlane CEO.
Dashlane says that because most people still use the same devices and easily hackable passwords in their personal and professional lives, password-related attacks are the cause of more than two thirds of all data breaches.
“While most people are not aware of the magnitude of these issues, an entire economy is booming and growing in sophistication around harvesting and weaponising stolen credentials, with participation from nation-states and cybercriminals,” says Jim Goetz, partner at Sequoia.