My1login, a Glasgow, UK-based provider of a cloud-based password manager, completed a $1.1m second funding round.
Backers included the Scottish Investment Bank, the investment arm of Scottish Enterprise, which has matched the angel investment of TRI Capital and Equity Gap. A number of individual business angels also invested.
This latest funding follows a $500K round raised in 2012.
The company intends to use the capital to grow in the business security market.
Launched in 2012 and led by Mike Newman, CEO, my1login provides a business service to prevent the use of weak passwords and weak password practices, where employees use the same password across multiple websites, and also to protect businesses against serious financial and reputational damage resulting from a hacking incident.
Free-to-use for small businesses, the solution is available at a monthly subscription cost of $2 per user for larger companies.
FinSMEs
27/06/2013