Cybersecurity company Bugcrowd has raised $102 million in Series E funding led by General Catalyst, as originally reported by Reuters. The company offers a bug bounty program, where companies can reward developers for identifying and reporting vulnerabilities in public-facing code.
Bugcrowd currently has about 1,000 customers globally, including OpenAI and T-Mobile. The company is dual-headquartered in Australia and San Francisco with plans to expand its operations outside of the United States, which currently accounts for about 70 percent of its revenue. Bugcrowd’s revenue increased by over 40 percent in 2023, driven by the launch of a channel program and new security service offerings.
The funding will help expand the company’s staff and potentially finance acquisitions. Bugcrowd will add 100 members to its current employee base of 350 and is considering acquisition targets in the security service market.
