Passkey is a technology company.
Passkey has raised $20.0M across 1 funding round.
Passkey has raised $20.0M in total across 1 funding round.
Passkey has raised $20.0M in total across 1 funding round.
Passkey's investors include Breakout Ventures, Innovation Endeavors.
Passkey Technology is a managed IT services and cybersecurity firm based in Golden Valley, Minnesota, specializing in consulting, 24/7 support, and solutions for small and medium-sized businesses (SMBs).[1][2][5] It offers services including security, business continuity, backup strategies, disaster recovery, monitoring, maintenance, hardware procurement, installation, and general IT support—both remote and on-site—along with Microsoft 365 expertise, emphasizing month-to-month contracts, honest second opinions, and client-first service without long-term commitments.[1][4][5] With over 30 years of operation and revenue under $5 million from fewer than 25 employees, the firm focuses on keeping SMBs productive and secure through practical tech investments in networks, backups, and cybersecurity.[2][5]
Founded in 1991 as a trusted IT advisor, Passkey Technology was acquired in 2007 by Bret Erickson and his wife Rachel Erickson, who shifted it toward slow, manageable growth with a "clients first" philosophy.[1][5] Bret, a former musician in the band Mango Jam, pivoted to IT after training at Brown Institute in PC/LAN and computer programming; he interned at Passkey in 1998 and stayed, drawn to the challenges of SMB technology relationships.[1] Rachel brings experience from non-profits and Target Corp, prioritizing customer service.[1] Bret actively contributes to industry boards like the National Society of IT Service Providers (NSITSP), local IT task forces, and committees on cybersecurity and innovation.[1]
Passkey Technology rides the rising demand for outsourced IT and cybersecurity amid escalating SMB cyber threats, where small businesses face frequent attacks but lack in-house expertise.[1][2] Its timing aligns with hybrid work trends boosting needs for Microsoft 365, remote monitoring, and business continuity—critical as 43% of cyberattacks target SMBs annually.[2][4] Market forces like ransomware growth and cloud adoption favor local providers offering affordable, non-vendor-locked support over big MSPs.[5] By prioritizing Minnesota SMBs, Passkey influences the ecosystem through owner-led advocacy in IT standards and grants, helping regional firms stay resilient without enterprise-level overhead.[1]
Passkey Technology's steady, client-focused model positions it well for sustained SMB demand in cybersecurity and managed services, potentially expanding Microsoft 365 integrations amid passkey authentication trends (unrelated FIDO-based tech gaining traction for passwordless logins).[3][4] Upcoming shifts like AI-driven threat detection and hybrid cloud could amplify its role, with Bret's industry ties aiding adaptation. As SMB digitization accelerates post-2025, expect modest growth through referrals and local partnerships, solidifying its niche as a reliable "second opinion" advisor in Minnesota's tech support landscape—echoing its 1991 roots in practical, relationship-driven IT.
Passkey has raised $20.0M across 1 funding round. Most recently, it raised $20.0M Seed in October 2024.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2024 | $20.0M Seed | Breakout Ventures, Innovation Endeavors |