Bugcrowd Announces Record Growth, Secures $30 Million in Series D Funding

Fortune 500 leaders embrace crowdsourced security at scale without compromise

SAN FRANCISCO – April 9, 2020 – Bugcrowd, the #1 crowdsourced security company, today announced record year-over-year growth, including 100% bookings growth in the North American enterprise market and 100% increase in critical vulnerabilities submitted to customers. Building on this momentum, the company also announced $30 million in series D funding, bringing the company’s total funding to over $80 million. The investment round, led by Rally Ventures and accompanied by new and existing venture partners, will help Bugcrowd accelerate the expansion of its industry-leading crowdsourced security platform.

As attack vectors multiply at a pace that rivals those that exploit them, organizations are losing ground in the race to find and fix vulnerabilities. This is compounded by a global cybersecurity workforce gap of ~4M* and the need for a layered security posture to better protect organizations. Bugcrowd solves this challenge with a Community response – where the combination of the crowd’s ingenuity at finding vulnerabilities and platform intelligence delivers guaranteed expertise and immediate ROI for security at scale.

“Our financial performance in fiscal 2019 combined with our Series D investment validates the strong demand for crowdsourced security as an integral part of any company’s security posture,” said Ashish Gupta, CEO, Bugcrowd. “Today’s organizations face a continuous strain on their security resources, especially as we move to a remote work culture. The Bugcrowd platform provides customers with instant return on investment by providing  on-demand access to highly-skilled security researchers on a platform that fosters collaboration between the security and engineering teams and delivers high quality submissions with no false positives to maximize our customers resources.”

Bugcrowd is uniquely positioned in the market to help customers quickly find vulnerabilities and fix them faster without compromising on quality or efficiency.

Key milestones during fiscal 2019 include:

• Enhanced single platform for multiple critical security use cases: delivering a multi-product platform to secure customers’ entire digitally connected landscape, including: Next-Gen Pen Test to meet compliance mandates, increased visibility with Attack Surface Management (ASM), and the ability to uncover the most critical bugs via Bug Bounty. In 2019, Bugcrowd’s PenTest business grew 400%
• Broadened 24×7 cyber security team and support: expanded presence in Australia, Bangalore, Costa Rica, London and Salt Lake City and established subsidiaries in Europe and APAC. Even with the record growth, Bugcrowd continued to maintain the industry’s leading signal to noise ratio of 97%, providing customers with the highest contextual intelligence to optimize their security processes.
• Added experienced leadership: expanded the executive team with newly appointed CMO, Andy Burtis; Global Head of Business Development, Karl Hutter; Head of Security Operations, Grant McCracken; and Managing Director, EMEA, James Clegg.
• Recognized as an industry leader: named one of Fast Company’s “Most Innovative Companies”, winner of the CyberSecurity Excellence Awards, winner of the Silver Stevie (American Business Awards), and winner of the International Best In Biz Award. The company also holds an industry-leading Customer Net Promoter Score of 78.

“In the fight against cybercriminals, we need resources that apply human ingenuity and talent to protect organizations from constantly evolving adversaries,” said Charles Beeler, general partner, Rally Ventures. “Bugcrowd has proven that they address customer challenges at scale while creating a lucrative and empowered community of researchers who uncover risks to make the internet safer. Because of this deep expertise, the company is able to deliver faster and better results than traditional and competitive models.”

Bugcrowd serves thousands of customers across 65+ industries in over 29 countries. Customers such as Mastercard, Fitbit, Jet.com, Motorola, Twitch, Atlassian, TripAdvisor, Pinterest, Overstock.com, UnderArmour, Square, Twilio, HP, Etsy, Cisco Meraki, FCA and SAP, trust Bugcrowd’s flagship platform and world class triage team to uncover, triage, and mitigate security vulnerabilities twenty-four hours a day, seven days a week.

*source: ISC2 Cybersecurity Workforce Study, 2019

About Bugcrowd

Bugcrowd is the 1 crowdsourced security company. Top Fortune 500 organizations trust Bugcrowd to manage their Bug Bounty, Vulnerability Disclosure, Next Gen Pen Test, and Attack Surface Management programs. Bugcrowd’s award-winning platform combines actionable, contextual intelligence with the skill and experience of the world’s most elite hackers to help leading organizations identify and fix vulnerabilities, protect customers, and make the digitally connected world a safer place. Based in San Francisco, Bugcrowd is backed by Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Triangle Peak Partners. Learn more at www.bugcrowd.com.