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Accelerating Value for Bitwarden Users - Bitwarden raises $100 million

authored by:Michael Crandell, CEO, Bitwarden
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Bitwarden announces $100 million financing

A Q&A with the Bitwarden CEO

Today Bitwarden is sharing exciting news that it has secured a $100 million growth investment. PSG, the lead investor, has taken a minority position in the Company and will join the board of directors. Existing investor Battery Ventures also participated. A link to the financing news release appears at the end of this post.

What is the tl;dr?

  • Bitwarden has additional resources to accelerate product and company growth to support our users and customers

  • This investment represents a strong affirmation of the existing Bitwarden business model, and a commitment to continue our core values:

    • Fully featured free version, forever (unlimited credentials on unlimited devices)

    • Open source architecture

    • The ability to self-host

    • Advanced business features

  • Plus, we plan to continue to innovate even faster in creating new ways to help people and businesses operate online simply and safely

Why the investment now?

  • Bitwarden has grown considerably in the last several years thanks to the support of the amazing Bitwarden user community and customer base

  • Those users and customers enjoy Bitwarden as it is today and Bitwarden wants to make sure the company can deliver more value faster for a long time to come

  • Bitwarden found the right investment partner in PSG to further expand the business and meet the demands of helping the world stay safe online

  • Bitwarden now has ample resources to invest wisely, with opportunities in developer secrets, passwordless technologies, and authentication

  • Beyond product, Bitwarden is also rapidly expanding go to market initiatives

    • Bitwarden now has an active partner program serving

      • Resellers

      • Managed Service Providers (MSPs)

      • Technology partners

      • See additional information on partner programs

    • Bitwarden is also expanding international efforts across EMEA, Asia, Australia, and South America

What’s going to change?

  • For users and customers there are no changes beyond continuing to improve the Bitwarden product, portfolio, and customer service

  • The Bitwarden business model will not change

    • Bitwarden remains committed to

      • A fully featured free version, forever (unlimited credentials on unlimited devices)

      • An open source architecture

      • The ability to self-host

      • Advanced business features

  • What will change

    • Bitwarden expects to deliver more value more quickly over time to users and customers worldwide

What is the Bitwarden business model?

Bitwarden recently shared a post, Defining and sustaining value for Bitwarden users, which details how we build the business in conjunction with our users and customers. The post includes details on the following Bitwarden principles

  • Every individual has a right to fully featured password management, for free

  • Bitwarden users are NOT the product; paid plans drive Bitwarden as a company

  • Bitwarden users help Bitwarden with feedback and referrals

  • Open source is the only way to guarantee 100% transparency and earn trust

  • Bitwarden focuses on security with a privacy friendly approach

  • Bitwarden serves a global community

  • Bitwarden operates with GRIT (Gratitude, Responsibility, Inclusion, Transparency)

Who sets the direction and priorities for the company?

  • The management team at Bitwarden, listed on the About page

What lies ahead for Bitwarden?

  • Today most people know Bitwarden for our world class password manager, which we will continue to invest in broadening and improving

  • You will also see Bitwarden expand those efforts into areas such as passwordless, with new login options between Bitwarden clients, and developer solutions, to assist in the expansion of developer cloud deployments so prevalent today

  • There are also opportunities ahead in other areas of authentication, as well as new and better ways to store, access and share sensitive information securely

How will users and customers benefit from this news?

  • First and foremost having the knowledge that Bitwarden is here for the long haul to build an amazing product and an enduring company with the guiding philosophy that when it comes to online security, we are all in this together

  • With increased resources, Bitwarden aims to deliver more value to more customers more quickly

Are you going to make changes to the free version?

  • No – we’re committed to keeping a basic, full-featured version of Bitwarden free, forever, for everyone. This includes unlimited credentials across an unlimited number of devices and platforms.

From a growth standpoint, how is Bitwarden doing?

  • In the last few years Bitwarden has been expanding the user and customer base dramatically serving tens of thousands of businesses and millions of users worldwide.

How will Bitwarden compete in the market?

  • Bitwarden has a unique value proposition in the password manager market which sets the company apart, believing that

    • Everyone has the right to basic password security, for free, forever

    • Open source is the most efficient and effective way to build trust for security solutions

    • Self-hosting is an important deployment option for many users and customers

    • Business users deserve consumer ease-of-use along with advanced integration and deployment features

  • With these foundational elements, Bitwarden has a clear differentiated future ahead

What would you say to individuals or businesses still vulnerable because they are not using a password manager?

  • Password managers are easier than you think

  • Using a password manager can make your life at home or work both significantly simpler and more secure

  • Once you start using a password manager, you will ask yourself why you did not start earlier ;)

  • Password managers are increasingly a critical part of operating safely online. Individuals can get started right away, and businesses can begin a 7 day trial, or reach out to the Bitwarden sales team for assistance.

Where are additional details?

Please see the full news release.

Get started with a business or personal account today.

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