Security Experts:

Bugcrowd Raises $26 Million to Expand Vulnerability Hunting Business

Crowdsourced security testing company Bugcrowd announced today that it has closed $26 million in a Series C funding round led by Triangle Peak Partners.

The new funding brings the total amount raised by the company to $50 million, including $15 million raised in a Series B funding round in 2016.

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 vulnerabilities in their products.

The new funding will be used to support product innovation and program management, the company said.

Bugcrowd currently operates the rewards programs of more than 70 different companiesnincluding security firms BitDefender, Centrify, NETGEAR, 1Password, Okta, Cylance, LastPass. Industry customers include MasterClass, Fiat Chrysler, Square, Fitbit, Mastercard, Tesla and Western Union. A recently announced Samsung Electronics' Mobile Security program rewards security researchers up to $200,000 per vulnerability, depending on its severity. 

Existing investors Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Stanford participated in the Series C round, along with new investors Hostplus and First State Super. 

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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.