The access management start-up Quickpass Cybersecurity is looking to ramp up its operations after completing is Series A funding round. The company’s raise was originally sitting at a modest $4 million, but it was able to increase its final total to $7 million thanks to $3 million in financing from Arthur Ventures.
Quickpass is planning to use the funds to expand, and to try to reach out to more Managed Service Providers (MSPs). The company is best known for its Privileged Access Management and Helpdesk Security Automation solutions, all of which make it easier for organizations to manage their security infrastructure. The technology allows administrators to set access privileges for people within an organization, and uses biometric authentication to automate tasks like password reset requests without compromising security.
As it stands, Quickpass has already partnered with more than 400 MSP organizations. The company also doubled its annual recurring revenue in the past six months alone. Quickpass has used that money to fill out its executive suite, with a Director of Customer Experience, a Director of Engineering, a Director of Sales, and a Director of Marketing standing as some of its most recent hires.
“Over the past decade, cybersecurity threats have continually expanded downmarket and into the SMB space,” said Quickpass Co-founder and CEO Mateo Barraza. “Unlike the Enterprise market, the SMB space and the MSPs that serve them have been caught without a well-rounded and mature set of tools to protect themselves. We intend to change this by providing the MSP community with best-in-class cybersecurity tools.”
“Quickpass is a perfect fit in our portfolio alongside other fast-growing security companies being built outside Silicon Valley,” added Arthur Ventures Partner Ryan Kruizenga. “We look forward to supporting them through this period of hyper growth.”
Studies have repeatedly shown that passwords are one of the weakest forms of authentication, while password reset requests are one of the biggest drains on IT departments. MarketsandMarkets recently predicted that the demand for access control tech would reach $13.1 billion in 2026.
June 16, 2022 – by Eric Weiss