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

By AIT News Desk On Apr 10, 2020

Rapidly growing need for on-demand access to security resources across 65 industries in 29 countries drives year-over-year momentum

Bugcrowd, the #1 crowdsourced security company, 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 Pen Test business grew 400%.
Broadened 24×7 cyber security team and support: expanded presence in Australia, Bangalore, Costa Rica, Londonand 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.

“One of the biggest disruptions being felt at the moment across the world is the transition to remote working and the ability to do so without compromising security,” said Joan Pepin, CSO, Auth0. “As security and privacy concerns increase with this transition, advanced security resources like Bugcrowd’s crowdsourced security platform and solutions are critical for deeper levels of awareness and protection against vulnerabilities.”

“In the fight against cybercriminals, we need resources that apply human ingenuity and talent to protect organizations from constantly evolving adversaries and attack methodologies,” said Art Coviello, Venture Partner, Rally Ventures, formerly CEO of RSA Security. “Bugcrowd has proven that they address customer challenges at scale with the combination of an empowered community of tens of thousands of researchers and an innovative technology platform that uncovers risks before they become serious issues. 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 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.