Cybersecurity company Bugcrowd has secured a USD50 million capital growth facility from the Silicon Valley Bank.
Provided by the bank’s Enterprise Software Group, the new financing will further scale Bugcrowd’s AI-powered platform globally, fund continued innovation into the Bugcrowd Platform, and leverage opportunities for strategic mergers and acquisitions, providing added value to clients, partners, and the hacker community.
“We’re excited to have the continued support of Silicon Valley Bank with this growth capital to accelerate innovation and scale our AI-powered platform,” said Bugcrowd CEO Dave Gerry. “Our mission is to help organisations regain control of cyber risks by harnessing the collective ingenuity of the hacker community to outsmart adversaries. This capital provides the resources needed to strengthen our position as the leader of the crowdsourced security market.”
For over a decade, Bugcrowd’s unique skills-as-a-service approach has uncovered more high-impact vulnerabilities than traditional methods for more than 1,200 customers – including OpenAI, Google, T-Mobile, Carvana, the US Department of Defense’s Chief Digital and Artificial Intelligence Office, ExpressVPN, Rapyd, New Relic, and OpenSea. With greater flexibility and access to a decade of vulnerability intelligence, the Bugcrowd Platform has evolved to address a changing attack surface influenced by adoption of mobile infrastructure, hybrid work, APIs, crypto, cloud workloads, and AI.
“With its innovative platform, Bugcrowd helps companies quickly and cost effectively discover critical vulnerabilities and proactively avoid being blindsided by cyberattacks,” said the Silicon Valley Bank’s John Benetti. “The bank is excited to continue our long-standing relationship with Bugcrowd, expanding our initial credit facility, and providing creative financial solutions to help them grow and scale their business.”
