Security Experts:

Bugcrowd Raises $15 Million to Expand Bug Bounty Business

Crowdsourced security testing company Bugcrowd announced today that it has closed $15 million in a Series B funding round led by Blackbird Ventures. The new funding brings the total raised by the company to $24 million.

The company’s flagship “Crowdcontrol” offering is software-as-a-service platform that allows organizations run their own customized bug bounty programs to uncover and resolve security bugs in their products.

Through its platform, customers are able to connect with a vetted community of more than 27,000 security researchers.

Crowdcontrol is currently used by companies, including CreditKarma, Fitbit, Motorola, Tesla, TripAdvisor, Western Union, and Silent Circle.

Founded in 2012, San Francisco, Calif.-based Bugcrowd competes with other players in the crowdsourced market, including HackerOne and Synack.  

According to the company, the additional cash will be used to accelerate customer and security researcher growth, pursue strategic partnerships, and accelerate engineering and R&D efforts. 

“Hackers and companies desperately need each other but are historically terrible at getting along, and our success positions us ahead of the incredible opportunity to change that,” said Casey Ellis, CEO and founder of Bugcrowd.

Bugcrowd says it has had over 200 percent bookings growth year-over-year, with 10 consecutive quarters of revenue growth.    

Existing investors Rally Ventures, Industry Ventures, Costanoa Venture Capital, Paladin Capital Group and participated in the round, and were joined by new investor Salesforce Ventures.

Related: Invitation-Only Bug Bounty Programs Becoming More Popular

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.