Passpack raises €74,000 more to manage your passwords
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?