Taking on the role of CEO at Bugcrowd marked the beginning of a transformative journey for our company. Through the challenges and changes, our unwavering focus remained on what we could control—taking care of each other, our customers, and the hacker community.
Today marks another significant milestone for Bugcrowd, and I’m thrilled to share that we successfully secured $102 million of strategic growth financing. This investment in Bugcrowd, led by General Catalyst, with participation from our long-term partners Rally Ventures and Costanoa Ventures, reflects our commitment to scaling up Bugcrowd’s AI-powered crowdsourced security platform.
In a landscape where threat actors increasingly deploy sophisticated AI techniques, Bugcrowd’s proactive approach to cybersecurity utilizes a crowdsourced AI-powered platform. This empowers organizations to identify and remediate security vulnerabilities before malicious actors can exploit them. The infusion of new funds will drive continued innovation on the Bugcrowd Platform and accelerate our growth across EMEA, APAC, and the U.S., both organically and through strategic M&A opportunities.
Our mission to redefine crowdsourced security is at the core of what we do, and this strategic investment underscores the dedication of our incredible team, the collaborative hacker community, and the trust our customers place in Bugcrowd’s innovative approach to proactive security.
With this investment, we welcome Mark Crane, Partner at General Catalyst, and Paul Sagan, Senior Advisor at General Catalyst, to the Bugcrowd Board of Directors. Paul Sagan will also take on the role of Board Chair. Joining our advisory board are Jeff Simon, Chief Security Officer at T-Mobile, and Prabhath Karanth, Vice President and Global Head of Security and Trust at Navan, serving alongside David Fairman, CIO & CSO – APAC at Netskope.
“I am honored to assume the role of Board Chair at Bugcrowd as they lead the way in the crowdsourced cybersecurity market,” said Paul Sagan, Senior Advisor at General Catalyst. “At this critical juncture for the company, marked by substantial growth and market expansion, along with a rapidly expanding team comprising industry leaders and a community of top-tier hackers, I look forward to providing ongoing support as Bugcrowd enables a new era of cybersecurity.”
Bugcrowd achieved remarkable success in the past year, with over 200 new clients, including notable names like OpenAI, T-Mobile, Rapyd, and ExpressVPN. Our team has grown by 130 new members, contributing to an overall business growth of more than 40% year-over-year, and our Pen Test as a Service (PTaaS) business surged by nearly 100%. Customers have tangibly improved their security postures through Bugcrowd’s Bug Bounty and Vulnerability Disclosure Program (VDP) offerings.
This journey has been incredible, and I look forward to our continued growth, innovation, and collaboration.
Thank you to our customers, partners, employees, and, of course, the hacker community, for believing in Bugcrowd and helping us transform the crowdsourced security market.