Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

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.

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

Written By

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.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Mobile & Wireless

Technical details published for an Arm Mali GPU flaw leading to arbitrary kernel code execution and root on Pixel 6.

Mobile & Wireless

Apple rolled out iOS 16.3 and macOS Ventura 13.2 to cover serious security vulnerabilities.

Cloud Security

VMware vRealize Log Insight vulnerability allows an unauthenticated attacker to take full control of a target system.

Mobile & Wireless

Apple’s iOS 12.5.7 update patches CVE-2022-42856, an actively exploited vulnerability, in old iPhones and iPads.

Vulnerabilities

Security researchers have observed an uptick in attacks targeting CVE-2021-35394, an RCE vulnerability in Realtek Jungle SDK.

Mobile & Wireless

Two vulnerabilities in Samsung’s Galaxy Store that could be exploited to install applications or execute JavaScript code by launching a web page.

Vulnerabilities

Google has awarded more than $25,000 to the researchers who reported the vulnerabilities patched with the release of the latest Chrome update.