Bugcrowd has successfully raised $78.7 million over six funding rounds, with the latest being a Series D in April 2020. The platform leverages crowdsourced cybersecurity to help organizations manage highly sensitive data with ease.
Keep reading to explore the intricacies of Bugcrowd's fundraising journey and the investors backing this innovative platform.
What Is Bugcrowd?
Bugcrowd, founded by Casey John Ellis, is a leading crowdsourced cybersecurity platform based in San Francisco. Established to leverage the power of a global community of security researchers, Bugcrowd helps organizations manage highly sensitive data and meet security demands.
With a team size ranging from 201 to 500 employees, Bugcrowd offers various services, including Bug Bounty, Pen Test as a Service, Vulnerability Disclosure, and Attack Surface Management. The platform combines data and AI to outpace threat actors effectively.
Bugcrowd's mission is to provide continuous, proactive security by utilizing the expertise of the world's best hackers and pentesters. This approach ensures that vulnerabilities are found and fixed faster, reducing risk and increasing security ROI for their clients.
How Much Funding Has Bugcrowd Raised?
- Seed Round
- Amount Raised: $50,000
- Date: December 2012
- Lead Investors: Not specified
- Motivation: To build the initial platform and validate the business model.
- Unknown Round
- Amount Raised: $1,600,000
- Date: September 2013
- Lead Investors: ICON Venture Partners, Paladin Capital Group, Square Peg Capital
- Motivation: To expand sales and marketing operations and grow the development team.
- Series A
- Amount Raised: $6,000,000
- Date: March 2015
- Lead Investors: Costanoa Venture Capital
- Motivation: To accelerate growth, expand operations, and continue strategic product development.
- Series B
- Amount Raised: $15,000,000
- Date: April 2016
- Lead Investors: Blackbird Ventures
- Motivation: To accelerate customer and crowd growth, pursue strategic partnerships, and enhance engineering and R&D efforts.
- Series C
- Amount Raised: $26,000,000
- Date: March 2018
- Lead Investors: Triangle Peak Partners
- Motivation: To enhance the platform with automation and machine learning to improve bug detection.
- Series D
- Amount Raised: $30,000,000
- Date: April 2020
- Lead Investors: Not specified
- Motivation: To scale operations and expand market reach.
Total Amount Raised: $78.7 million
Current Valuation: Not specified
Key Investors
- Triangle Peak Partners
- Details: Triangle Peak Partners is a venture capital firm co-founded by Dain DeGroff, who also serves as the president. The firm focuses on investing in digital businesses and cybersecurity.
- Investment Focus Areas: Digital businesses, cybersecurity, crowdsourcing.
- Notable Investments: Not specified in the sources.
- Blackbird Ventures
- Details: Blackbird Ventures is a venture capital firm that invests in technology startups. Co-founded by Niki Scevak, the firm is known for backing innovative companies in various tech sectors.
- Investment Focus Areas: Technology startups, cybersecurity, enterprise software.
- Notable Investments: Canva, Zoox, SafetyCulture.
- Costanoa Venture Capital
- Details: Costanoa Venture Capital is an early-stage investor based in Palo Alto, CA. The firm focuses on cloud-based services that leverage data and analytics to solve real problems for businesses and consumers.
- Investment Focus Areas: Cloud-based services, data analytics, enterprise software.
- Notable Investments: Alation, Intacct, Kenna Security.
- Paladin Capital Group
- Details: Paladin Capital Group is a venture capital firm that invests in companies providing innovative solutions in cybersecurity and data analytics. The firm has a global presence and focuses on high-growth technology sectors.
- Investment Focus Areas: Cybersecurity, data analytics, technology sectors.
- Notable Investments: Digital Shadows, White Ops, Ionic Security.
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud computing and technology companies that complement Salesforce's ecosystem. The firm aims to accelerate the growth of its portfolio companies through strategic investments.
- Investment Focus Areas: Enterprise cloud computing, technology companies, Salesforce ecosystem.
- Notable Investments: Dropbox, DocuSign, Twilio.
What's Next for Bugcrowd?
Bugcrowd stands at the cusp of significant growth opportunities. With the increasing reliance on bug bounty programs and the integration of automation and machine learning, the company is poised to expand its platform and customer base. The market for cybersecurity solutions is growing, and Bugcrowd's innovative approach positions it well to capture a larger share. The recent $26 million Series C investment underscores the potential for further financial backing as the company continues to enhance its services and leverage its extensive data.
Future fundraising opportunities seem promising, given Bugcrowd's consistent growth and the rising demand for effective cybersecurity measures. However, the company will need to navigate challenges such as staying ahead of evolving cyber threats and managing competition from other players in the market. Balancing the use of automation with the need for human expertise will be crucial. As Bugcrowd continues to innovate and expand, it remains a strong contender for future investments and potential acquisitions, solidifying its role as a leader in the cybersecurity industry.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Bugcrowd and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
