Bugcrowd is one of the leading cybersecurity startups that has recently raised an enormous sum of $102 million in equity funding. As a result, it will accelerate its growth and expand its services. The startup has gained enormous popularity for its database of a large number of hackers. Thus, it will help different organizations, including the likes of the US government and OpenAI, to set up bug bounty programs. Also, these organizations are offering incentives and rewards to individuals or freelancers who can identify bugs and vulnerabilities.
Investment and Funding
BugCrowd has raised more than $180 million so far from funding by different enterprises and organizations. General Catalyst is at the top of this list, followed by Rally Ventures and Costanoa Ventures. Thus, the company is on the way to setting up its bug bounty security platform to provide the data of more than 500k hackers to security organizations.
Although the overall figures for the investment and funding are not disclosed completely, the CEO, Dave Gerry, has confirmed in a discussion that the funding figures are quite high as compared to 2020. However, the competitor of the company HackerOne generated $829 million in 2022, according to a report published by PitchBook data.
The Bugcrowd Approach
Bugcrowd is primarily a security marketplace that can work by connecting ethical hackers with different organizations. In this way, these security agencies can identify the vulnerabilities and can work to remove them.
Today’s announcement that @Bugcrowd has secured $102M in investments is further proof that you must leverage the collective ingenuity of the hacker community to disrupt the adversary.
— Dave Gerry (@davegerryjr) February 12, 2024
Led by @generalcatalyst , with participation from @rallyvc and @costanoavc, this fundraise…
Crowdsourcing Ethical Hackers
Bugcrowd offers a large database of more than half a million hackers who are skilled in their field. These individuals can work as freelancers as well as perform this job in addition to their primary work to ensure that they can carry out their vital tasks and ethical hacking simultaneously. Users can apply it easily to showcase their skills.
Matching with Bounty Programs
Based on the specific skills of these coders, Bugcrowd ensures that they are selected for the correct bug bounty program. In this way, they can carry out the vital activities quite effectively which are initiated by clients. Generally, these clients extend the technology companies to different enterprises to guarantee that they can rely on technology infrastructures.
Bugcrowd’s Services
Although Bugcrowd offers a bug bounty program as its primary service, users can also leverage it for various other advantages.
- The company provides a complete set of testing to discover real-world attacks as well as find potential anomalies in infrastructure.
- Organizations can also manage the attacks carried out by the attackers to determine the potential entry points for cyber threats.
- Above all, the company is widely famous for training hackers to provide them with an opportunity to grow their skills.
Future Prospects
Bugcrowd has planned to use the funding for various purposes, like expansion of its services, enhancement of its functionality, and building more features on the platform. In this way, security agencies can find skilled professionals conveniently to overcome the challenges.
