Bugcrowd, a San Francisco-based leader in AI-powered crowdsourced security solutions, has recently announced securing $102 million in strategic growth funding, marking a significant milestone in its journey.
This funding round, led by General Catalyst, along with contributions from longstanding partners Rally Ventures and Costanoa Ventures, reflects investor confidence in Bugcrowd’s innovative approach and leadership position in the crowdsourced security market.
The investment aims to fuel Bugcrowd’s global expansion across EMEA, APAC, and the US, while also driving continuous innovation of the Bugcrowd Platform and exploring strategic mergers and acquisitions (M&A) opportunities.
Bugcrowd’s CEO, David Gerry, emphasized the company’s commitment to redefining crowdsourced security, stating, “This latest investment gives us the resources we need to continue to be the leading force in the crowdsourced security market.”
The company’s platform leverages AI to connect hackers and customers, enabling the identification and remediation of security vulnerabilities before they can be exploited by malicious actors. Bugcrowd’s proactive approach has led to the discovery of nearly 23,000 high-impact vulnerabilities in 2023 alone, potentially saving clients billions of dollars in breach-related costs.
In addition to financial support, Bugcrowd welcomes new additions to its Board of Directors and advisory board, including industry experts from General Catalyst, T-Mobile, and Navan, who will provide invaluable insights to drive Bugcrowd’s growth trajectory.
Bugcrowd’s impressive performance metrics further underscore its momentum, with over 200 new clients added in the past year, including prominent names like OpenAI, T-Mobile, Rapyd, and ExpressVPN. The company has also expanded its team, achieving 40% growth in overall business and nearly doubling its Pentest-as-a-Service business year-over-year.
Bugcrowd continues to lead the charge in modern crowdsourced security, empowering organizations to stay ahead of evolving cyber threats through collaborative innovation and proactive defense strategies.
For organizations seeking to bolster their cybersecurity posture, Bugcrowd offers a comprehensive suite of solutions designed to harness the collective ingenuity of the hacker community. To learn more about Bugcrowd’s offerings and how they can help protect your organization, visit Bugcrowd.com or download Inside the Platform: Bugcrowd’s Vulnerability Trends Report.