DashLane, New York based startup which lets users manage their password along with various identities across websites, has raised $22.5 Million in Series C round led by TransUnion, credit monitoring and ID protection company based out of Chicago. Other participants in the funding round were FirstMark Capital, Bessemer Venture Partners and Rho Ventures. With this, the total investment raised by the startup has touched $52.5 Million.
The investment can also be termed as a strategic one, as the deal will be a medium to develop product for each other’s customers.
With the increasing internet penetration, the threat of information getting leaked has reached an all time high. Two of the main concerning factors of this revolution are Identity protection and password protection to access and collaborate with the data stored in clouds. The increased risk of hackers dominating the cloud based servers has been a big boost for services like DashLane.
The startup boasts of having over 5 Million users in 150 countries and it claims to have affected eCommerce transactions worth over $6 Billion.
The raised funding will be used to strengthen the product portfolio along with developing more of the protection centric products. One of the products by DashLane lets the users change the password of multiple sites at once. It also plans to partner with banks and other institutions to tackle fraud related issues in the future.
Till now, the startup has been concentrating on the fremium model for users, however, it suggests that more enterprise centric products are under development.