web application
seed round
passpack
Italy

Passpack raises €74,000 more to manage your passwords

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Toshiba is making a whole lot of flash memory chips this month: New iPods? Tablet-related? Puppies?

Online password management startup Passpack, announced it’s follow-on funding. The company raised €350,000 in June 2008 and now previous investor Zernike Meta Ventures is topping that with additional €74,000.

This new capital injection will enable the company to finish the development of their product and start to actively market it. They blog about it here.

The Rome-based company is not looking for full blown venture capital until it hits profitability. Apparently, the new round was determined by reaching a major milestone in development and user-base.

The founders, an Italian/American couple: Tara Kelly and Francesco Sullo that I recently met with (in an attempt to create a Roman startup community) say that their revenue from premium packages is growing at a 2 digit percentage each month.

While this is great news for the Italian startup ecosystem, it still raises many questions and doubts. €74,000, really? Let’s analyze the situation: Passpack has a working and cheap product, revenue growing every month, a committed team, decent international press coverage and recently launched a desktop version to take on its competitors. Even thought the company is not looking for VC money right now, I still think it deserves some faith from investors.

If Passpack raises this modest amount what can other Italian seed-stage startups aim for?

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