Bugcrowd announced a $26 million Series C on March 1, 2018, led by Triangle Peak Partners. The company said it would use the capital for product innovation, program management, and go-to-market expansion. It was not Bugcrowd’s latest financing for long: the company announced a separate $102 million strategic growth financing in February 2024.
Who led Bugcrowd’s $26 million funding round?
Triangle Peak Partners led the Series C. Dain DeGroff, the firm’s co-founding partner and president, was set to join Bugcrowd’s board, according to Bugcrowd’s March 1, 2018 announcement.
The company named these existing investors as participants: Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures, and Stanford. Hostplus and First State Super were identified as new investors.
How much had Bugcrowd raised by 2018?
Bugcrowd said the Series C brought its cumulative funding to $50 million as of March 2018. That is a historical, company-reported total, not a current cumulative figure. The announcement did not state a company valuation.
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What did Bugcrowd plan to do with the funding?
Bugcrowd said it would direct the proceeds toward three priorities:
- Product innovation
- Program management
- Go-to-market scaling
The company described its service as helping organizations launch bug bounty and vulnerability disclosure programs that use crowdsourced security testing. Then-CEO Ashish Gupta framed the need in terms of expanding attack surfaces and the imbalance between cyber-defenders and attackers. The company’s 2018 release also described Bugcrowd as “the leader in crowdsourced security”; that was the company’s characterization, not an independently established market ranking.
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Was the $26 million round Bugcrowd’s latest funding?
No. “Latest” applies only to the point in time of the March 2018 announcement. On February 12, 2024, Bugcrowd announced a $102 million strategic growth financing led by General Catalyst, with Rally Ventures and Costanoa Ventures participating. Bugcrowd said it planned to use that financing for expansion across EMEA, APAC, and the United States, platform innovation, and potential strategic M&A, according to its 2024 announcement.
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| Announcement | Financing | Amount | Lead investor | Stated focus |
|---|---|---|---|---|
| March 1, 2018 | Series C | $26 million | Triangle Peak Partners | Product innovation, program management, and go-to-market scaling |
| February 12, 2024 | Strategic growth financing | $102 million | General Catalyst | Expansion in EMEA, APAC, and the United States; platform innovation; potential strategic M&A |
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