Bugcrowd Raises $102 Million in Series E Funding from General Catalyst and Others

Bugcrowd, a 12-year-old crowdsourced cybersecurity startup, has raised $102 million in Series E funding from General Catalyst and others. The funds will be used to hire more employees, grow globally, and consider acquisitions. The company declined to provide its valuation but is well-known for its bug bounty program and has seen revenue increase by more than 40% in 2023 with the introduction of a channel program and additional security services.

The company plans to hire 100 more people to join its 350 present workforce and is eager to expand outside of the US, where it currently generates over 70% of its revenue. It also serves clients like OpenAI and T-Mobile and is considering acquisition prospects in the security services market. Bugcrowd's board will include senior advisors from General Catalyst, which led the investment round.

The CEO stated that Bugcrowd has been rebuilding its management team and aims to continue driving value for clients and the hacker community while fulfilling its potential. The company's new leadership is focused on growth and innovation in the cybersecurity space.

Bugcrowd's Series E funding round, led by General Catalyst, will enable the company to hire more employees, expand globally, and explore potential acquisitions in the cybersecurity market. The company has seen significant revenue growth and is focused on driving value for clients and the hacker community.