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Dashlane Secures $5 Million in Series A Round Co-led by Rho Ventures and FirstMark Capital(September 21, 2011)
New York, NY (PRWEB) September 21, 2011
Dashlane, a consumer Internet startup with offices in New York City and Paris, France, today announced that it has closed a $5 million Series A funding round. The round was co-led by prominent New York City-based venture capital firms Rho Ventures and FirstMark Capital and also included Dashlanes co-founder and investor Bernard Liautaud, a co-founder and former CEO of Business Objects (acquired by SAP for $6.8B). Dashlane will use the funding to accelerate the development of its product offering. In conjunction with the funding announcement, Dashlane also announced the appointment of two new members to its board of directors. Habib Kairouz, managing partner at Rho Ventures, and Rick Heitzmann, managing director of FirstMark Capital, will join Bernard Liautaud and Dashlane CEO Emmanuel Schalit on the board. These appointments now bring the board to four members.
Peoples daily activities have become intertwined with multiple online activities, including shopping, paying bills, social networking, dating, communicating, reading, booking travel, scheduling appointments, etc. In a study released this spring by McKinsey Global Institute, more than 2 billion people now use the Internet via PCs, Macs, tablets, and smartphones, exchanging $8 trillion annually through e-commerce. Dashlane is building a consumer Internet application that aims to solve an enormous, longstanding problem affecting nearly all Internet users: how to quickly, securely and efficiently shop, pay or sign into online sites, while bypassing the hassle of repeatedly typing in the same information, entering credit card details, names, addresses, and having to remember and enter login details.
Dashlane has a great team that brings tremendous commitment, tenacity and technical expertise to turn their innovative idea into a disruptive technology. Theyre going after a giant market to tackle a persistent problem that hasnt been successfully cracked before, said Habib Kairouz, managing partner at Rho Ventures. Dashlane has a lot of potential and I look forward to joining the board and working with the team.
Concurrently, the growth of the mobile Internet is exploding, computing and accessing the web is shifting from the PC to a range of mobile devices, including smartphones, tablets and e-readers. However, new form factors of many of these mobile devices typically lack a traditional keyboard, making m-commerce and navigating the Internet even more challenging for users. If the average conversion rate of actual visitors transacting sales online is stuck at a dismal two-to-three percent, the conversion rate for mobile devices is even smaller. Dashlane aims to bring an innovative solution to both mobile and computer users so that they can perform many of their online tasks with unprecedented levels of ease of use and security.
Dashlanes vision, scalable technology and time-to-market on the mobile Internet is a powerful combination that promises to deliver an elegant but simple solution enabling users to more effectively transact on the web, explained Rick Heitzmann, managing director at FirstMark Capital.
Recently appointed Dashlane CEO Emmanuel Schalit noted, Were thrilled to have Rho Ventures, FirstMark Capital and Bernard make this investment in Dashlane, particularly the wealth of expertise and vast networks they bring to our business. Their investment is a strong validation of our approach and how important the problem is that were focused on solving. In the coming weeks, we will open up our private beta, and the entire Dashlane team is excited by the opportunity to collaborate with our investors in taking the company to its next stage.
About Rho Ventures
Rho Ventures (http://www.rho.com) has a multi-stage investing strategy focused on high-growth companies in large markets. Rho Ventures' investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners' deep sector expertise and its far-reaching network to assist each portfolio company. This approach has allowed Rho to participate in the growth of some of today's most innovative and successful companies, including Active Power, Capstone Turbine, Ciena, Compaq Computer, EverydayHealth.com, Gloucester Pharmaceuticals, Human Genome Sciences, IntraLinks, iVillage, MedImmune, ReachLocal, Shire Pharmaceuticals and Tacoda. Rho Ventures is currently investing from Rho Ventures VI, a $510 million fund. The firm has offices in Palo Alto, Calif., New York and Montreal, with investments across the globe.
About FirstMark Capital
Based in New York City, FirstMark Capital invests in ground-breaking companies that are creating new markets with innovative technology solutions or fundamentally changing existing markets by applying a fresh approach and new business model. A venture leader with more than $2 billion in capital commitments, FirstMark's team of investment and operations professionals have decades of real-world experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. Select historical investments include: Riot Games (Acquired by Tencent Holdings); Duck Creek Technologies (Acquired by Accenture); Netgear (NASDAQ: NTGR); Boomi (Acquired by Dell); First Advantage (Acquired by First American Corporation); StubHub (Acquired by eBay); Netegrity (Acquired by CA); Flarion (Acquired by Qualcomm); OutlookSoft (Acquired by SAP); Vallent (Acquired by IBM); and Navic Networks (Acquired by Microsoft). Current investments include: SecondMarket, Knewton, Pinterest, OpenGamma, Shopify and Lumos Labs. For more information, please visit: http://www.firstmarkcap.com.
With offices in New York City and Paris, France, Dashlane is a consumer Internet startup that helps web users do more online -- easier and faster. Akin to an expresslane for the web, Dashlane eliminates the unnecessary friction people encounter daily when surfing and transacting online from logging in, to joining new online services, to shopping. Dashlane's application smoothes out and expedites online transactions and activities, enabling mobile and computer users to perform all their online activities with unprecedented levels of speed, ease-of-use and security. For more information, please visit http://www.dashlane.com.
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