A month after raising $30 million in debt financing, password security specialist Dashlane Inc. today announced that it has picked up a $110 million funding round led by Sequoia Capital.

The cash injection bumps the startup’s total raised to more than $210 million. Dashlane didn’t disclose its post-money valuation but did divulge that Sequoia was joined by several of the investors that backed its previous funding rounds. They included Bessemer Venture Partners, Rho Ventures and FirstMark Capital.

Dashlane competes in the security market with a password manager that helps users store the login credentials with which they access applications. The startup is one of the biggest players in its niche with an installed base of 10 million consumers and 10,000 organizations.

The business version of Dashlane enables companies to centrally manage their employees’ login credentials. The platform displays how many passwords each workers uses, flags credentials that are too short or otherwise vulnerable and allows administrators to remotely update them. Moreover, Dashlane shows if an employee reuses login details across applications, which helps companies reduce their exposure to so-called credential stuffing attacks that exploit passwords stolen from other organizations.

The startup’s business offering also carries over most of the features that come with the consumer edition. That includes the Dark Web Monitoring tool, which alerts users if their passwords show up on shady websites such as hacker forums.

The new funding is intended to enable the startup to further build out its product and attract more customers. In a blog post, Dashlane Chief Executive Emmanuel Schalit wrote that the growth effort will place a particular emphasis on expanding marketing activities. To this end, Dashlane announced in conjunction with the funding that it has hired Lyft Inc. and Coca-Cola Co. veteran Joy Howard as chief marketing officer.

Schalit wrote that the long-term goal is to make the Dashlane password manager “synonymous with the category.” But the startup is not the only player vying for this position: Its biggest rivals, LastPass Inc. and AgilityBits Inc., have likewise entrenched themselves deeply in the market. LastPass is used by more than 16.8 million consumers, while AgilityBits’s 1Password tool boasts over 40,000 business customers. 

Photo: Dashlane