UPDATED 09:00 EST / APRIL 09 2020

SECURITY

Crowdsourced cybersecurity platform startup Bugcrowd raises $30M

Crowdsourced cybersecurity platform startup Bugcrowd Inc. today announced it has raised $30 million in new funding to accelerate the expansion of its platform.

The Series D round was led by Rally Ventures and included unnamed new and existing investors.

Founded in 2012, BugCrowd connects companies and their applications to security researchers to identify critical software vulnerabilities. At its core, BugCrowd’s main offering is a bug bounty program that enables its clients to pay security researchers who can uncover bugs on their websites and applications.

BugCrowd provides an enhanced single platform for multiple critical security use cases. They include delivering a multiproduct platform to secure customers’ entire digitally connected landscape such as Next-Gen Pen (Penetration) Test to meet compliance mandates, increased visibility with Attack Surface Management and the ability to uncover the most critical bugs via offering a bug bounty.

While offering a bug bounty program, BugCrowd also provides direct cybersecurity services. Based in San Francisco, the company also sells cybersecurity services and support from offices in Australia, Bangalore, Costa Rica, London and Salt Lake City. Notable clients include The Hewlett-Packard Company, Atlassian Corp. Plc, Moneytree Inc., Motorola Mobility LLC, FitBit Inc., Twitch, Pinterest Inc., Overstock.com Inc., Square Inc., Etsy Inc. and SAP SE.

“In the fight against cybercriminals, we need resources that apply human ingenuity and talent to protect organizations from constantly evolving adversaries,” Charles Beeler, general partner at Rally Ventures, said in a statement. “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.”

Including the new funding, BugCrowd has raised $78.7 million to date, including a $15 million round in April 2016 and a $26 million round in March 2018. Previous investors include Industry Ventures, Blackbird Ventures, Paladin Capital Group, Triangle Peak Adventures, Costanoa Ventures, Salesforce Ventures, Hostplus and First State Super.

Image: Bugcrowd

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