Dashlane, a password manager and identity management solution, announced it has raised $30 million in new funding, according to reports.
The funding comes from a round of debt financing from Hercules Capital, and follows previous investments from FirstMark Capital, Rho Ventures, Bessemer Venture Partners, TransUnion and Silicon Valley Bank.
The company also revealed that Seth Farbman, a former chief marketing officer for Spotify and Gap, is joining its board. During Farbman’s nearly four-year tenure at Spotify, the platform reached more than 200 million monthly active users.
“I am excited to join the board of Dashlane, a company with the right vision for the internet at the right time,” said Farbman in a statement. “I see many of the same attributes in Dashlane, as I did in Spotify, when I first joined – a best-in-class product that its customers love, a diverse and capable team focused on growth and innovation and powerful macro trends that put the wind at the company’s back. Technology is meant to empower people and make their lives easier, and that is at the very core of what Dashlane does.”
For its part, Dashlane’s password management app has over 10 million users and is currently available in 11 languages and 180 countries. The company has been expanding its product to include new features like dark web monitoring, and has added VPN and identify theft protection, with the goal of moving beyond simply being an app. This is especially important with data breaches on the rise, as well as changes to how sites collect and use personal data.
“When we look back 10 years from now, 2018 will be remembered as the year of GDPR, Facebook revelations and the year that regulators, the press – and, most importantly, public opinion – really started to look at the entire issue of digital privacy and identity differently,” said Emmanuel Schalit, CEO of Dashlane.