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Bugcrowd

“Can a crowdsourced security platform scale researcher payouts and identity verification globally while embedding AI to become the default cybersecurity marketplace for enterprises?”

Founded2012
HQSan Francisco, CA, USA
Total raised$180M+
Latest roundSeries D / Growth, 2023
IndustryVertical SaaS / Cybersecurity
The story

Founded in 2012 as a crowdsourced bug bounty marketplace, Bugcrowd has expanded into a broader crowdsourced cybersecurity platform offering managed bug bounty, vulnerability disclosure programs, penetration testing, and AI-assisted triage (Crowd+AI). The platform operationalizes hacker-community ingenuity at scale, and its embedded finance stack primarily supports paying researchers/hackers globally (via Trolley for mass payouts) and verifying their identities (via Jumio). The 2024 SVB growth facility signals continued platform investment and potential M&A activity.

Last 12 months
2024-10
Product timeline
2012
Bugcrowd founded as a crowdsourced bug bounty platform connecting organizations with freelance security researchers.· pivot
2023
Raised $102M Series D led by General Catalyst to accelerate global growth and strategic M&A.· ipo
2024
Secured $50M growth capital facility from Silicon Valley Bank (a division of First Citizens Bank) to scale AI-powered platform globally.· banking
The stack
2 layers disclosed in Bugcrowd’s embedded-finance stack
Lending
$50M Growth Capital Facility (SVB)
FX & payouts
in the full report
Accounting gap: minor
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.