European bug bounty and vulnerability disclosure policy platform YesWeHack this week announced the closing of a €16 million ($18.8 million) round of venture capital financing.
The Series B funding round included investments from Banque des Territoires and Eiffel Investment Group, as well as existing investors Normandie Participations and CNP Assurances.
Founded in 2015, the YesWeHack platform connects organizations with more than 25,000 ethical hackers in over 40 countries, helping them improve their security posture by finding vulnerabilities in their assets.
Since launching two years ago, the platform claims to have registered 450 percent growth with expansion of operations in in both Europe and Asia-Pacific.
The company said the new funds will help with international expansion plans. Additionally, YesWeHack said the investments will drive innovation to help organizations improve their cybersecurity strategies.
“We are grateful for the confidence shown by our existing investors Normandie Participations and CNP Assurances as well as our new partners. Our decision to get backing from Banque des Territoires and Eiffel Investment Group is motivated by their strong European roots. With this new investment, we are contributing to the growth of the cybersecurity sector, and bug bounty provides a disruptive approach in times of high demand,” said Guillaume Vassault-Houlière, CEO and co-founder of YesWeHack.
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