Dashlane, the popular password management service, has closed a $110-million Series D funding round and hired a new chief marketing officer: Joy Howard, who is currently CMO at Lyft and will join Dashlane in August.
The company anticipates expanding its customer base of businesses and consumers who use its product to securely store login credentials and make sure they don’t get reused across multiple accounts, CEO Emmanuel Schalit tells Fast Company. That’s an increasingly pressing concern with the rise of credential stuffing attacks, which use login information stolen in one data breach to attempt to access accounts at other services with the same usernames and passwords.
“Billions of people and millions of businesses around the world feel the pain of digital identity–from breaches to stolen identities and the nuisance of remembering passwords,” Schalit said in a statement. “Few are even aware that there is a better way, and we are going to change that.”
Changes in Android and iOS that make it easier to use password managers on smartphones without having to manually copy and paste credentials have set the password management industry up for growth, argues Jim Goetz, a partner at venture capital firm Sequoia, which led the Dashlane fundraising round. With the product easy to use, consumers are more likely to recommend it to their friends and suggest using it at work, and companies are more likely to adopt it for employees to use, says Goetz, who is joining Dashlane’s board.
“I think it will be a virtuous cycle,” says Goetz.
In addition to further promoting the Dashlane product and brand with the help of Howard, the company plans to invest further in research and development and expand the product’s feature set.
“With this new capital and the addition of Joy to our leadership team, we have the resources to increase our product leadership, grow the team and build the brand that will define the future of digital identity protection,” Schalit said in his statement.