June 3, 2008

Passpack Releases Beta6, Receives First-Round Funding

Web 2.0 Online Password Manager Forges Path to Monetization.

Passpack (www.passpack.com), the Online Password Manager that Webware called "pleasingly simple to use and very responsive" and PC Magazine named one of the "Best Free Software" continues to impress Web 2.0 critics with the release of Beta6 and the announcement of first round funding.

Beta6 responds to a year of Passpack feedback requesting more speed and integration in users' daily routine. Users now only need to sign into Passpack once a day; 1 Click Login will automatically sign them into their other online accounts. The new release allows Passpack users to choose their level of encryption and create a favorites list of passwords. Architectural improvements make the user experience markedly faster, and a redesign makes account status and preferred features more accessible.

Passpack users can continue to enjoy "free for now" upgrades which expands password storage. Version 1.0, expected this summer, will mark the first of three paid tiers, starting at $15 (€10) annually. Standard Passpack accounts will remain free.

Passpack is pleased to announce its first round seed funding lead by Zernike Meta Ventures S.p.A (ZMV), representing Ingenium and members of Italian Angels for Growth. Funds will be utilized for staffing, marketing and building business infrastructure.

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Quotes
"Passpack has proven over the last year their ability to attract usership by providing a solid service and responding rapidly to user input." - Francesca Natali, Partner, ZMV

"We chose to support Passpack due to their solid business plan and clear revenue model. We have great faith in the management team of Sullo and Kelly and the success of Passpack." - Andrea Parmeggiani, Deal Champion, Italian Angels for Growth

About Zernike Meta Group
ZMV, a joint venture between META group and Zernike Group, provides seed funding for knowledge-based start-ups in Italy through Ingenium.

About Italian Angels for Growth
Italian Angels for Growth, Milan based business angel association, streamlines selection of high-potential startups for its members, fostering Italian economic development.