CEO: Kévin Muller
Founding date: Birth of idea: July 2012 / Incorporation: December 2016
Registered office: Technoport
Passwords are often shared carelessly within a team, for example by mail or by people writing them down on post-its. These common habits are the opposite of secure and are the cause of 80% of security breaches that cost companies hundreds of millions of euros each year. Passbolt identified this pain that companies suffer and proposed a solution to fix it: an open source password manager designed for teams and businesses.
Passbolt is a password manager that focuses on productivity and security by making it easy to centralise passwords, and share them securely between employees of a company. A major difference compared to other password managers is the fact that it is open source, available on-premises, and based on open standards. This allows companies to have 100% ownership of their data and gives them the ability to integrate the tool in their existing infrastructure.
Luxinnovation spoke with Cédric Alfonsi and Kévin Muller:
How did you first hear about Luxinnovation and our Fit 4 Start programme?
One of our early investors pointed out the Fit 4 Start programme to us. Finally, this autumn edition we seized our chance, had the chance to pitch in front of a jury and got selected amongst 130 other startups.
Likes about Fit for Start:
What has your biggest achievement been since you founded Passbolt?
Honestly, in the 4 years of R&D that it took to release the first version of Passbolt, there were several moments when we thought we would give up. Now we know that it was worth it and the efforts start to pay off. We created a Minimum Viable Product (MVP) and released it publicly meaning that it is downloadable online. The software already gained a lot of traction and we have a community of over 1000 users. Even the facebook cryptographic team tweeted the release of passbolt to the hacker community. This is huge!
What did you learn so far by participating in the Fit 4 Start programme?
During the programme we learned how important it is to constantly experiment and validate your own hypotheses with people. While testing which one among our potential offers could interest customers, we actually managed to do our first sales and got a lot of interesting feedbacks. This phase definitely produced positive results.
What are your next challenges?
In the future we are aiming high. We are working on a production ready version of our software that can be commercialised and scaled. Moreover we will be on the lookout for investors so that we can finance the development of the enterprise version and the cloud service. Right now we have gained credit in the open source community but another very important step for Passbolt will be to organise a third-party security audit in order to validate our innovative asymmetric security model.
Tip from an entrepreneur:
“Entrepreneurship is a marathon, not a sprint. There is no such thing as a shortcut. Train, learn, adapt, and persevere through pain.”
– Passbolt Team