Passbolt says it will be able to continue its rapid development thanks to the new €460,000 in funding, led by Expon Capital through the Digital Tech Fund--part of the Digital Luxembourg initiative, with a total 20 million earmarked for ICT startups in a bid to strengthen the grand duchy’s digital ecosystem.

Its next plans are to release Passbolt Cloud, an SaaS which would aid users with limited resources or infrastructure to easily manage passwords through its platform.  

Passbolt CEO and co-founder Kevin Muller said the company was initially setting out for less funding before realising just how attractive their proposition was to investors, according to Silicon Luxembourg.

The young company focuses on password protection and management and is a graduate of Fit4Start, an acceleration programme supervised by Luxinnovation. Benefits of the programme include up to €150,000 in funding, plus four months of free coaching.