Total amount raised
$78.7 Millions
Latest funding date
April, 2020
Location
Bugcrowd has successfully raised significant funding through multiple rounds, with notable investors such as Silicon Valley Bank and Costanoa Ventures. The platform specializes in crowdsourced security testing, leveraging the expertise of top hackers and pentesters to enhance cybersecurity.
Keep reading to explore the intricacies of Bugcrowd's fundraising journey and the investors backing this innovative platform.
What Is Bugcrowd?
Founded in 2012, Bugcrowd is headquartered in San Francisco, California. The company was established by Casey Ellis, Chris Raethke, and Sergei Belokamen.
Bugcrowd operates as a leading crowdsourced cybersecurity platform, leveraging data and AI to connect organizations with top hackers and pentesters. Their services include Bug Bounty, Pen Test as a Service, Vulnerability Disclosure, and Attack Surface Management.
With a workforce of 251-500 employees, Bugcrowd continues to innovate in the cybersecurity space, helping businesses protect their assets from sophisticated threats.
How Much Funding Has Bugcrowd Raised?
- Seed Round
- Amount Raised: $50K
- Date: April 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company and develop the initial platform.
- Seed Round
- Amount Raised: $1.6M
- Date: September 2013
- Lead Investors: Rally Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series A
- Amount Raised: $6M
- Date: March 2015
- Lead Investors: Costanoa Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Series B
- Amount Raised: $15M
- Date: April 2016
- Lead Investors: Blackbird Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand customer base.
- Series C
- Amount Raised: $26M
- Date: March 2018
- Lead Investors: Triangle Peak Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and support international expansion.
- Series D
- Amount Raised: $30M
- Date: April 2020
- Lead Investors: Rally Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive new growth and support strategic acquisitions.
- Series E
- Amount Raised: $102M
- Date: February 2024
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel innovation and expand the platform's capabilities.
- Debt Financing
- Amount Raised: $50M
- Date: October 2024
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform globally and support strategic M&A opportunities.
Total Amount Raised: $280.65M. Current Valuation: Not publicly disclosed.
Key Investors
- Rally Ventures
- Details: Rally Ventures is a venture capital firm that invests in early-stage technology companies. They focus on providing capital and strategic support to help startups grow.
- Investment Focus Areas: Early-stage technology companies, enterprise software, cybersecurity.
- Notable Investments: Okta, Coupa, Nimble Storage.
- Blackbird Ventures
- Details: Blackbird Ventures is an Australian venture capital firm that invests in technology startups. They aim to support founders with bold visions and innovative ideas.
- Investment Focus Areas: Technology startups, software, consumer internet.
- Notable Investments: Canva, Culture Amp, SafetyCulture.
- Costanoa Ventures
- Details: Costanoa Ventures is a venture capital firm that focuses on early-stage investments in enterprise software. They provide both capital and operational support to their portfolio companies.
- Investment Focus Areas: Enterprise software, data infrastructure, cybersecurity.
- Notable Investments: Alation, Intacct, Quizlet.
- Triangle Peak Partners
- Details: Triangle Peak Partners is an investment firm that provides growth capital to technology companies. They focus on companies with strong growth potential and innovative solutions.
- Investment Focus Areas: Technology, software, healthcare.
- Notable Investments: AppLovin, DocuSign, RingCentral.
- Silicon Valley Bank
- Details: Silicon Valley Bank (SVB) is a high-tech commercial bank that provides various financial services to technology and life sciences companies. They are known for their deep expertise in the innovation sector.
- Investment Focus Areas: Technology, life sciences, healthcare, venture capital.
- Notable Investments: Not specifically mentioned, but SVB serves some of the world’s most innovative companies.
What's Next for Bugcrowd?
Bugcrowd is poised to capitalize on the growing demand for AI-powered cybersecurity solutions. With $50 million in growth capital from Silicon Valley Bank, the company aims to scale its platform globally, drive innovation, and pursue strategic mergers and acquisitions. This funding will enable Bugcrowd to enhance its offerings and better serve its 1,200+ customers, including major organizations like Google and the US Department of Defense.
Future fundraising opportunities may arise as Bugcrowd continues to expand and innovate. However, the company will need to navigate challenges such as integrating new acquisitions and maintaining the quality of its platform amidst rapid growth. Staying ahead of evolving cyber threats will be crucial for Bugcrowd's sustained success in the competitive cybersecurity landscape.
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