Password management solution provider Dashlane today announced the close of a $30 million debt financing round, bringing the password and identity management solution’s total funding to date to over $100 million. This new round from Hercules Capital comes in addition to previous funding from FirstMark Capital, Rho Ventures, Bessemer Venture Partners, TransUnion and Silicon Valley Bank.
The company also proudly announced that Seth Farbman, former CMO for Spotify and Gap, Inc., will join its board of directors.
Farbman was instrumental to the global growth of Spotify, taking the company to more than 200 million monthly active users during his tenure. He joins Dashlane at a key moment, as the company enters a new phase of growth: having surpassed the milestone of over 10 million users worldwide in June 2018. Dashlane’s product offering also successfully expanded last year, giving users more control in securing their digital identities in the wake of data breaches and the continued unsecure trail of passwords, payments, and personal information that people leave behind online. By integrating key new elements such as Dark Web monitoring, VPN, and identity theft protection into its leading password management solution, Dashlane offers a 360° view of digital identity, provides the simple tools to keep it secure, and extends beyond “just” managing passwords into the world of identity protection, monitoring, and restoration – allowing everyone to live a simpler, safer life online.
“I am excited to join the board of Dashlane, a company with the right vision for the internet at the right time,” said Seth Farbman. “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.”
In a strategic turning point for privacy and digital identity, Google and Apple have also now both recognized the value that independent identity platforms like Dashlane provide for users of Android and iOS, and allow for integration at the core of leading mobile operating systems. This past year also saw the adoption of GDPR in Europe, which changed the perception around the world of data collected by large tech companies from an asset to a liability.
“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.
“It’s also an exciting time for Dashlane as a business, and we’re proud to have the support of our investors and fantastic new talent like Seth Farbman on our board as we enter this new phase of our growth. Dashlane’s commitment to empowering individuals to reclaim their digital independence has never been stronger.”