> Why would a password manager need so much money? A cynical take on this would be the business is at a large enough volume and growing fast enough to be value

> Why would a password manager need so much money? A cynical take on this would be the business is at a large enough volume and growing fast enough to be valued at a certain price (eg 400M), VCs want to own a certain percentage (eg 20%), so the math dictates the round needs to be 100M (100 / (400 + 100) = 20%). Then the founders put together some story that explains why they'd need 100M. Not saying that's what happened here but I've seen it happen this way.