San Francisco, USA-based Bugcrowd raised USD 102 million in strategic growth financing. The round took place on February 12, 2024. General Catalyst led the financing for the company. Meanwhile, longtime existing investors such as Rally Ventures and Costanoa Ventures also financed the company.
Purpose of financing for Bugcrowd
The latest additional capital enables Bugcrowd to further fuel its growth across EMEA, APAC, as well as the United States. It also seeks to fund continued innovation into the Bugcrowd Platform. Meanwhile, the company seeks to leverage opportunities for strategic M&A, providing added value to clients, partners, as well as the hacker community.
Moreover, the company has plans to scale its AI-powered crowdsourced security platform offerings globally.
What the company’s official has to add
Dave Gerry, CEO, Bugcrowd, further added, “We are excited to add General Catalyst as a partner, as well as these key visionaries to our Board of Directors, to support the next phase of Bugcrowd’s growth. Over the past year, more than 200 new clients have joined the Bugcrowd Platform to leverage the collective ingenuity of the hacker community. With continued support from our current investors, including participation in this round from Rally Ventures and Costanoa Ventures, Bugcrowd is hyper-focused on a mission to redefine crowdsourced security, and this strategic investment is a testament to the unwavering dedication of our team, our hacker community and the trust customers placed in Bugcrowd’s innovative approach to proactive security. This latest investment gives us the resources we need to continue to be the leading force in the crowdsourced security market.”
What the investors have to comment
Mark Crane, Partner at General Catalyst, further added, “We saw an opportunity to make a strategic investment in the crowdsourced security market, with the goal of fostering collaboration between customers and hackers to collectively tackle real threats and vulnerabilities. In our view, the validation from customers, hackers, industry analysts, and the broader cybersecurity community well positions Bugcrowd to be a category-leading company. We look forward to partnering with Dave and the team in setting new standards in crowdsourced security.”
In addition, Jeff Simon, SVP & Chief Security Officer at T-Mobile, said, “Protecting customers, partners, and employees is a top priority at T-Mobile, and one of the ways we’re doing that is by making hackers our allies as we find additional ways to protect information. We relaunched our bug bounty program with Bugcrowd for their best-in-class triage team and direct access to elite hackers, which have helped us strengthen our overall security.”
About the company
Founders Casey Ellis, Chris Raethke and Sergei Belokamen launched the company. With the addition of more than 200 new clients over the last 12 months, including OpenAI, T-Mobile, Rapyd, and ExpressVPN, Bugcrowd now has close to 1,000 clients overall.
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