Bugcrowd Raises $15M in Series B Funding

bugcrowdBugcrowd, Inc., a San Francisco, CA-based provider of a crowdsourced security testing platform for the enterprise, raised $15m in Series B funding.

The round was led by Blackbird Ventures with participation from existing investors Costanoa Venture Capital, Industry Ventures, Paladin Capital Group and Rally Ventures and new backer Salesforce Ventures.

The company, which has raised a total of $24m, intends to use the funds to pursue strategic partnerships and accelerate growth and R&D, with a specific focus on expanding core IP.

Founded in 2012 by Casey Ellis, CEO, Bugcrowd provides Crowdcontrol™, which is used by companies to proactively uncover and resolve security bugs in their products — leveraging a vetted community of more than 27,000 security researchers. The company also provides a range of responsible disclosure and managed service options that allow companies to commission a customized security testing program that fits their specific requirements.
According to a note, from its launch and beginning in the Startmate accelerator in Sydney, Australia, Bugcrowd has experienced over 200% bookings and revenue growth year-over-year, with 10 consecutive quarters of revenue growth.
Customers include Fortune 500 companies across e-commerce, financial services, automotive, healthcare etc., including CreditKarma, Fitbit, Motorola, Tesla, TripAdvisor, Western Union.



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