Triangle Peak Partners leads Series C funding round to fuel market growth and drive product innovation
SAN FRANCISCO – March 1, 2018 – Bugcrowd, the leader in crowdsourced security, announced today it has closed $26 million in a Series C funding round led by Triangle Peak Partners. In addition, Dain DeGroff, co-founding partner and president of Triangle Peak Partners, will join Bugcrowd’s board to support the company as it equips organizations with a customized security testing program to bolster their security posture. Triangle Peak Partners focuses on growth venture investments in technology, with a focus on software and security. Their investments include Ping Identity, Guardian Analytics, Distill Networks, LookingGlass, Puppet Labs and SnapLogic.
This funding comes on the heels of a record quarter where Bugcrowd added to its growing list of commercial and Fortune 500 customers, expanded globally with offices in London and Sydney, and grew its executive team. Bugcrowd will use the additional capital to scale its relentless product innovation and rock-solid program management, facilitating relationships that work between its rapidly expanding number of customers and researchers. 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. In total, Bugcrowd has raised $50 million and continues to radically transform the cybersecurity landscape as it helps enterprises and organizations launch bug bounty and vulnerability disclosure programs.
Today’s CISOs are in a crisis for resources. By 2020, there will be an estimated 1.5 million unfulfilled security positions. In the current age of heightened cyber risk, it’s no surprise that 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 has revolutionized 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.
“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.”
“Every digital business today should take advantage of bug bounty programs, especially given the increased sophistication of cyberattacks and the proven effectiveness and power of the Crowd in identifying these threats before they cause damage, ” said Dain DeGroff, co-founding partner and president at Triangle Peak Partners. “Bugcrowd has built a successful business model addressing a growing and critical need. Their deep relationships with the researcher community and expertise managing crowdsourced programs make Bugcrowd a strategic asset to the enterprise. With Ashish and Casey at the helm, we are confident that Bugcrowd will continue to transform the industry.”
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Bugcrowd is trusted by more of the Fortune 500 than any other crowdsourced security platform. Why? Because people need the increased security of a bug bounty without all the extra work and chaos. Bugcrowd cracked the code on crowdsourced security through rock solid program management, relationships that work, and relentless innovation. That’s how our public, private, and on-demand bug bounties find seven times as many critical vulnerabilities as traditional testing. Based in San Francisco, Bugcrowd is backed by Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Triangle Peak Partners. Bugcrowd. Outhack Them AllTM. Learn more at www.bugcrowd.com.