Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Bugcrowd announced $102 million in strategic growth financing on February 12, 2024. General Catalyst led the round, with existing investors Rally Ventures and Costanoa Ventures participating. Bugcrowd said it would use the capital to expand in the United States, Europe, the Middle East and Africa (EMEA), and Asia-Pacific (APAC), continue developing its platform, and evaluate strategic acquisitions.
Who invested in Bugcrowd’s $102 million round?
General Catalyst led the financing. Rally Ventures and Costanoa Ventures, both existing Bugcrowd investors, also participated. The announcement did not disclose an equity valuation, debt-versus-equity breakdown, or individual investor contribution amounts.
| Detail | Announced information |
|---|---|
| Total financing | $102 million |
| Announcement date | February 12, 2024 |
| Lead investor | General Catalyst |
| Other participating investors | Rally Ventures and Costanoa Ventures |
| Valuation and security terms | Not stated in the announcement |
Why did Bugcrowd raise the money?
Bugcrowd described the financing as growth capital for three priorities:
- Geographic expansion: accelerating growth in the United States, EMEA, and APAC.
- Platform investment: continuing development of its AI-powered crowdsourced security technology.
- Potential mergers and acquisitions: considering strategic M&A opportunities.
These were plans stated when the financing was announced. The announcement does not establish that every expansion initiative or acquisition was later completed.
#1 Best Overall
- Compact and Efficient Design: The FortiGate 40F is designed for small to mid-sized businesses and enterprise branch offices, featuring a compact, fanless desktop form factor that ensures quiet operation and minimizes space usage.
- Robust Connectivity Options: Equipped with 5 GE RJ45 ports, including 1 WAN port and 4 internal ports, this model provides essential connectivity and flexibility for various network configurations in a small-scale environment.
- High-Performance Security: Offers up to 1 Gbps IPS throughput and 600 Mbps threat protection throughput, using Fortinet’s purpose-built security processor technology to deliver industry-leading performance and protection for SSL encrypted traffic.
- Advanced Threat Protection: Integrated with Fortinet’s AI-powered FortiGuard Labs, the FortiGate 40F offers comprehensive cybersecurity, identifying and mitigating both known and unknown threats to maintain robust security across your network.
- Simplified Management and Deployment: Features a user-friendly management console that provides comprehensive network automation and visibility, coupled with Zero Touch Integration with Fortinet’s Security Fabric for easy deployment.
What Bugcrowd’s platform does
Bugcrowd sells enterprise cybersecurity software and services rather than a consumer financial product. Its platform connects organizations with a community of security researchers who identify and help remediate vulnerabilities. The announcement highlighted four offerings:
Pentest as a Service (PTaaS)
PTaaS provides penetration-testing work through Bugcrowd’s crowdsourced model, with findings delivered through an online platform.
Bug bounty programs
Organizations offer rewards to researchers who responsibly report qualifying security vulnerabilities.
Rank #2
- HARDWARE PLUS SECURITY SERVICES: FortiGate-60F Firewall Appliance bundled with 1 year of FortiCare Premium and FortiGuard Unified Threat Protection.
- UNIFIED THREAT PROTECTION (UTP): Secures against advanced online threats with comprehensive web filtering and anti-botnet technologies.
- OPTIMIZED FOR MEDIUM-SIZED BUSINESSES: Tailored for businesses needing robust security without the infrastructure of larger enterprises.
- RELIABLE CUSTOMER SUPPORT: FortiCare Premium ensures high-quality support and service continuity.
- EFFECTIVE PROTECTION: Employs advanced filtering technologies to safeguard against sophisticated threats.
Vulnerability disclosure programs
VDPs give researchers a defined channel and process for reporting security weaknesses, whether or not a monetary bounty is offered.
Attack surface management
This helps organizations identify and monitor internet-facing assets that could create security exposure.
What did Bugcrowd report about its business?
The company cited the following figures in its 2024 announcement. They describe the business at that time and are not current 2026 metrics.
Rank #3
- 【Up to 1100 Mbps VPN Speed 】 Hardware-accelerated WireGuard and OpenVPN-DCO deliver up to 1100 Mbps VPN throughput, over 3× faster than Brume 2 for smooth remote access and file transfers.
- 【Three 2.5G Ports & Multi-WAN】Tri-port 2.5GbE design with flexible WAN LAN configuration supports multi-gigabit wired setups, dual-ISP Multi-WAN and failover to keep home and SOHO networks online.
- 【Stealth VPN Obfuscation】VPN obfuscation disguises VPN traffic as regular HTTPS, helping you evade blocking, bypass restrictive networks and maintain stable, private connections.
- 【DPI protection】Deep Packet Inspection with visual dashboards blocks adult/gambling/malicious sites, while SQM and QoS prioritize gaming, calls, and video when bandwidth is tight
- 【OpenWrt & USB 3.0 Expansion】OpenWrt with 1GB DDR4 and 8GB eMMC lets you install plugins and build VPN, ad-blocking or NAS, while USB 3.0 Type‑C connects high-speed storage or 4G/5G dongles
| Metric | Company-reported figure | Qualification |
|---|---|---|
| New clients in the preceding 12 months | More than 200 | Reported by Bugcrowd in the February 2024 announcement |
| Total clients | Nearly 1,000 | Reported at announcement time |
| Overall business growth | More than 40% | Company-reported; measurement period and independent audit were not provided |
| PTaaS year-over-year growth | Nearly 100% | Company-reported; independent audit was not provided |
| High-impact vulnerabilities found in 2023 | Almost 23,000 | Based on Bugcrowd platform data |
| Potential breach-related costs prevented | Up to $100 billion | Bugcrowd estimate using its platform data and IBM’s cost-of-data-breach report; not independently verified realized savings |
The client, growth, and vulnerability counts should therefore be read as historical company claims tied to the announcement, not as audited performance measures or proof of future results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What changed in Bugcrowd’s governance?
General Catalyst partner Mark Crane and senior advisor Paul Sagan were slated to join Bugcrowd’s board, with Sagan designated to become board chair. The announcement also named T-Mobile chief security officer Jeff Simon and then-Navan vice president and global head of security and trust Prabhath Karanth to Bugcrowd’s advisory board alongside Netskope’s David Fairman.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Those appointments were announcement-era details. The financing announcement alone does not confirm that the individuals still hold those roles.
Rank #4
- Runs UniFi Network for full-stack network management
- Manages 30+ UniFi Network devices and 300+ clients
- 1 Gbps routing with IDS/IPS
- Multi-WAN load balancing
- 0.96" LCM status display
What the funding means for customers and investors
For enterprise customers
More funding could support broader researcher coverage, additional platform capabilities, and expansion into more regions. It does not, by itself, guarantee better testing outcomes, lower prices, specific product releases, or service availability in a particular country.
For investors and market watchers
The round signals that General Catalyst and Bugcrowd’s existing backers were willing to finance continued growth in crowdsourced cybersecurity. However, the announcement did not disclose valuation, revenue, profitability, dilution, or return expectations, so it cannot be used to calculate Bugcrowd’s implied worth or investment performance.
How to interpret the $100 billion avoided-cost claim
“Up to $100 billion” is a modeled potential avoided-cost estimate, not cash Bugcrowd customers were shown to have saved. Bugcrowd said it derived the estimate from platform data and IBM’s breach-cost research. Without an independently audited methodology linking specific vulnerabilities to prevented breaches and actual financial outcomes, the figure should not be treated as realized savings or a forecast of company revenue.
What is not known from the announcement
- Bugcrowd’s post-funding valuation or ownership changes.
- The exact terms and structure of the $102 million financing.
- Revenue, earnings, cash runway, or profitability after the round.
- Whether all announced geographic expansion plans were completed.
- Whether Bugcrowd completed an acquisition using the proceeds.
- Current board and advisory-board membership.
- Current client totals, growth rates, or vulnerability counts in 2026.
Bottom line for readers
Bugcrowd’s February 2024 announcement documented a $102 million growth financing led by General Catalyst, with Rally Ventures and Costanoa Ventures participating. The company said the funds would support international expansion, platform development, and possible acquisitions. Its accompanying operating and vulnerability figures were company-reported and time-specific, while the $100 billion figure was an estimate of potential avoided breach costs—not independently verified savings.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
