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The world is ruled by passwords, but no one enjoys managing the plethora we all have of them.

That鈥檚 likely why investors found compelling. The Santa Barbara, California-based startup helps manage passwords for both businesses and individuals, and announced Tuesday it secured a new $100 million growth round.

The round was led by with participation from existing investor .

Bitwarden offers free and paid versions of its password management platform, which includes features such as credential autofill, automatic end-user password generation, and password strength scoring.

鈥淭he rapidly expanding Bitwarden customer base, including small and large companies alike, combined with a highly engaged community, in our view, continues to set Bitwarden apart from other solutions,鈥� said CEO in a . 鈥淭he timing of the investment is ideal, as we expand into opportunities in developer secrets, passwordless technologies, and authentication.鈥�

Growing password problems

Password management has become big business in the cybersecurity world as phishing attacks and threats are leading problems facing IT departments around the world. Employees working from home鈥攐r both home and office鈥攈ave exacerbated the problem, and many use their devices for both professional and personal reasons.

Bitwarden is not the only cyber startup offering password management tools to raise cash in 2022. Earlier this year, Toronto-based closed a $620 million Series C led by that brought the cybersecurity firm鈥檚 valuation to $6.8 billion. Other big-name firms, such as , and , also participated in the round.

It marks the largest round raised by a Canadian company.

Overall, cybersecurity funding has slightly slowed this year. Last year, VC-backed cybersecurity firms raised nearly $23 billion in funding鈥攁 new record鈥攁ccording to Crunchbase .

This year鈥檚 overall numbers are trending below that number, with startups collecting just less than $12 billion thus far.

Illustration: Dom Guzman