General Catalyst leads $102M funding round for Bugcrowd

Bugcrowd, a platform connecting organizations with a global community of hackers for bug bounty programs, secures an equity round of $102M. General Catalyst leads the investment, joined by Rally Ventures and Costanoa Ventures, highlighting confidence in Bugcrowd's potential for growth and impact.

• Strategic Expansion: With total funding exceeding $180M, Bugcrowd plans to expand operations within the U.S. and globally, potentially exploring mergers and acquisitions while enhancing platform functionality.

• Technical and Human Dynamics: Bugcrowd, founded by Casey Ellis, operates as a two-sided security marketplace, leveraging both technical expertise and human ingenuity to identify vulnerabilities and enhance cybersecurity measures.

• Market Demand: As organizations increasingly rely on technology, the need for comprehensive security solutions grows, creating opportunities for Bugcrowd to address gaps and mitigate risks effectively.

• Complementary Role of Human Hackers: Despite advancements in AI-driven security tools, Bugcrowd recognizes the continued importance of human hackers in identifying nuanced vulnerabilities and ensuring robust cybersecurity protocols.

• Impressive Growth Trajectory: Bugcrowd boasts over 40% annual growth and nears $100M in annual revenues, reflecting the company's successful execution and market relevance.

Originally founded in Australia and now headquartered in San Francisco, Bugcrowd has amassed a community of over 500,000 hackers, serving over 1,000 clients worldwide.