Bugcrowd Secures $102 Million in Funding Led by General Catalyst
Bugcrowd, a leading crowdsourced cybersecurity company, recently announced a successful funding round of $102 million in strategic growth financing.
Accelerating Global Expansion: The primary objective of the funding is to accelerate Bugcrowd’s global expansion efforts, particularly focusing on strengthening its presence in the EMEA, APAC, and United States regions.
Platform Enhancement and Strategic Mergers: Bugcrowd plans to utilize the funds to enhance its platform through innovation and strategic mergers and acquisitions, aiming to further bolster its capabilities in identifying and remediating security vulnerabilities.
Strategic Leadership Additions: Mark Crane and Paul Sagan from General Catalyst have joined Bugcrowd’s Board of Directors, with Sagan assuming the role of Board Chair. Additionally, Jeff Simon, Chief Security Officer at T-Mobile, and Prabhath Karanth, Vice President and Global Head of Security and Trust at Navan, have joined Bugcrowd’s advisory board to provide valuable insights and support.
Expanding Platform Adoption and Community: Bugcrowd’s AI-powered platform has demonstrated its effectiveness in identifying high-impact vulnerabilities, with customers discovering nearly 23,000 such vulnerabilities in 2023 alone. The company has onboarded over 200 new clients in the past year, including prominent names like OpenAI, T-Mobile, and ExpressVPN.
Workforce Expansion: Bugcrowd intends to expand its workforce by 100 employees to bolster its growth initiatives and further enhance its offerings in penetration testing, attack surface management, and bug bounty programs.
Mark Crane, Partner at General Catalyst, expressed confidence in Bugcrowd’s potential to lead the crowdsourced security market and emphasized the importance of fostering collaboration between customers and hackers to address cybersecurity threats effectively.
Bugcrowd’s successful funding round and strategic initiatives position the company for continued growth and innovation, reaffirming its status as a category-leading cybersecurity firm.