Bugcrowd, a crowdsourced security platform, has secured $26m in Series C round led by Triangle Peak Partners.
Existing investors Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Stanford all participated in the round, as well as new investors Hostplus and First State Super. The round brings Bugcrowd’s total funding to $50m. Following the funding, Dain DeGroff, co-founding partner and president of Triangle Peak Partners, will join Bugcrowd’s board to support the company.
Based in San Francisco, Bugcrowd’s platform, Crowdcontrol, connects the global security researcher community to the security market. The company’s in-house team of security experts work with users to create custom-tailored programs, complete with end-to-end management.
“A ballooning attack surface combined with the asymmetric battle between cyber-defenders and attackers is necessitating businesses to rethink their security strategies to level the cybersecurity playing field,†said Ashish Gupta, CEO, Bugcrowd.
“The dearth of cybersecurity defenders within organizations and the shortcomings of status quo security approaches is increasingly being addressed by crowdsourced security testing as it cost effectively brings the creativity of the crowd to outsmart adversaries. Bugcrowd has pioneered this space since Casey Ellis founded it in 2012, and we intend to use the new funding to accelerate our go-to-market scale and platform advantage.â€
Today’s chief information security officers are in a crisis for resources, and by 2020, there will be an estimated 1.5 million unfulfilled security positions according to Bugcrowd. The number one application security challenge CISOs reported in Bugcrowd’s 2018 CISO Investment Blueprint was staffing and resourcing. Since its founding in 2012, Bugcrowd claims to have ‘revolutionised traditional security practices’ by leveraging its crowd of global researchers to help fill the talent void. Industry leaders such as Tesla, Atlassian, Fitbit, Square, Mastercard and others rely on Bugcrowd to enhance their security.
Triangle Peak Partners focuses on growth venture investments in technology, with a focus on software and security. Their investments include online banking security company Guardian Analytics, threat intelligence platform and network security business LookingGlass, cloud identity provider Ping Identity, and financial search engine alphasense, among others.
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