Bishop Fox Valuation, Funding & Investors

Bishop Fox is valued at $81M as of February 2019.

Last Bishop Fox valuation

$81M

Series A · Feb 2019

Last Bishop Fox funding round

$46M

Series B · Nov 2022

Cumulative funding Bishop Fox raised

$146M

across 3 funding rounds

Key investors in Bishop Fox

  • Rockpool Capital
  • Forgepoint Capital
  • Westcap
  • Carrick Capital Partners
  • NextEquity Partners

Bishop Fox Overview

About Bishop Fox

Bishop Fox is an Atlanta-headquartered offensive security firm delivering penetration testing, red team operations, and attack surface management services. Founded in 2005, it conducts assessments for cloud environments on AWS and Azure, application security for enterprises like Fortune 500 banks, and contributes open-source tools such as Cobalt Strike extensions.


Founded

2005

HQ

United StatesTempe, AZ

Status

Privately held

Customer focus

B2B

Revenue model

Services, Subscription

Valuation

$81M (Feb 2019)

Bishop Fox Valuation

Bishop Fox is currently valued at $81M, based on its Series A in February 2019.

The $25M round was led by Forgepoint Capital, with participation from Rockpool Capital.

Bishop Fox valuation by funding round

Bishop Fox valuation by funding round
DateStageValuation
Feb 2019Series A$81M

Bishop Fox Funding History

Bishop Fox has raised a total of $146M across 3 funding rounds.

Bishop Fox's first fundraising round was a $25M Series A in February 2019. The most recent completed round was a $46M Series B in November 2022.

Bishop Fox funding rounds

Bishop Fox funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2022Series BWestcap (lead); Rockpool Capital; NextEquity Partners$46M-Bishop Fox, founded in 2005 and headquartered in Phoenix (Tempe area), AZ, is a leading offensive security firm offering services including continuous penetration testing, red teaming, attack surface management, product security, cloud security, and application security assessments via its Cosmos platform. The company serves high-profile clients such as more than 25% of the Fortune 100, eight of the top 10 tech companies, and all top global media companies, maintaining a Net Promoter Score above 80 for years and reaching 90 year-to-date through Q3 2022 for consulting services. On November 15, 2022, Bishop Fox announced a $46 million Series B extension led by WestCap, with participation from NextEquity Partners and Rockpool Capital, bringing the total Series B round to $129 million after a prior $75 million from Carrick Capital earlier in 2022. This raised lifetime funding to over $154 million, including a $25 million Series A from Forgepoint Capital. WestCap Partner Kevin Marcus joined as a Board Observer, and Perella Weinberg Partners LP advised on the transaction. The funding aims to expand the Cosmos platform across North America, Europe, and Latin America, enhance visibility and continuous testing capabilities, and support initiatives to develop future cybersecurity professionals. CEO Vinnie Liu emphasized the company's selective approach to investment and partnerships amid economic uncertainty, highlighting strong business momentum over the prior 24 months.
Jul 2022Series BCarrick Capital Partners (lead)$75M-Bishop Fox is a Phoenix-based offensive security company founded in 2005 that provides solutions ranging from continuous penetration testing, red teaming, and attack surface management to product, cloud, and application security assessments. The company also operates Bishop Fox Academy, an educational program for offensive security training developed in partnership with universities. Bishop Fox's Cosmos platform enables simulated cyberattacks to identify vulnerabilities in customers' IT systems and has been central to the company's recent growth. The company has worked with more than 25% of the Fortune 100, half of the Fortune 10, and eight of the top 10 global technology companies, with key customers including Google, Equifax, John Deere, Sonos, and Zoom. In July 2022, Bishop Fox raised $75 million in Series B funding led by growth-focused Carrick Capital Partners, bringing total funding to $100 million since the company's founding. The round was intended to grow the company's team of offensive security experts, accelerate expansion of the Cosmos platform, and support international expansion, with plans to hire up to 500 employees within a year from a base of just under 400. During this period, Bishop Fox demonstrated strong traction with annual recurring revenue tripling in 2021 and first quarter bookings growing more than 50% year-over-year from Q1 2021 to Q1 2022. The company also achieved a Net Promoter Score of 90 in Q1 2022 for consulting services, considered world-class for customer satisfaction, and increased its workforce by 33% in the first half of 2022.
Feb 2019Series AForgepoint Capital (lead); Rockpool Capital$25M$81MBishop Fox is the largest private professional services firm focused on offensive security testing, including penetration testing and development of next-generation security technologies. The company, founded in 2005, operated self-funded and profitably for 13 years prior to its Series A. On February 26, 2019, Bishop Fox closed a $25 million Series A funding round led by Forgepoint Capital, with data indicating related tranches including a $33.29 million Series A and $3.34 million Series A Non-Voting, both at a post-money valuation of $81.4 million. The funding was intended to expand research capabilities, develop offensive security technologies, hire leading security researchers and testers, and grow the team of elite security experts. Bishop Fox serves sophisticated clients seeking advanced offensive security services to stay ahead of threats. Forgepoint Capital, a cybersecurity-focused investor with a $300 million fund and extensive advisory council, highlighted the company's client breadth, substance, and leadership potential in the penetration testing market, valued at $900 million in 2019 and projected to reach over $4 billion by 2025 at a 23.87% CAGR. Post-Series A, Bishop Fox continued growth, raising a $75 million Series B in 2022 led by Carrick Capital Partners with Forgepoint remaining an investor, driven by demand for its Cosmos continuous penetration testing platform, which tripled ARR in 2021 and saw bookings rise over 50% in Q1 2022 versus Q1 2021, though specific figures undisclosed. Customers include Google, Equifax, John Deere, Sonos, and Zoom. The company has contributed to the security community with over 16 open-source tools and remains a partner for Amazon's Alexa ecosystem.

Who has invested in Bishop Fox?

5 investors have backed Bishop Fox across its funding rounds, including Rockpool Capital, Forgepoint Capital, Westcap, Carrick Capital Partners and NextEquity Partners.

Lead investors include Westcap, Carrick Capital Partners and Forgepoint Capital.


Bishop Fox Investors

Investors in Bishop Fox by funding rounds participated
InvestorHQRoundsRoleFirst check
Rockpool CapitalHong KongHong Kong2ParticipantFeb 2019
Forgepoint CapitalUnited StatesSan Francisco, CA1LeadFeb 2019
WestcapCanadaCanada1LeadNov 2022

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Bishop Fox Competitors

Bishop Fox competitors include listed companies like Loihde, CyCraft Technology, Corero Network Security and Wins Technet, and private ones like Virsec and Veridium.

Public and private companies comparable to Bishop Fox
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LoihdeFinlandFinlandPublicly listed$166M$13M$82M-
CyCraft TechnologyTaiwanTaiwanPublicly listed$12M($892K)$82M-
VirsecUnited StatesSan Jose, CAPrivate--$80M-
Corero Network SecurityUnited KingdomUnited KingdomPublicly listed$25M$2M$83M2.7x
Wins TechnetSouth KoreaSouth KoreaPublicly listed$72M$18M$83M-
VeridiumUnited KingdomLondonPrivate$7M-$78M11.1x

Bishop Fox Public Comps

Bishop Fox is still privately-owned, but its public comps include Loihde, CyCraft Technology, Corero Network Security, Wins Technet, Advenica, Rank One Computing, CSP Inc., Quick Heal Technologies, Hancom WITH and WISeKey.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Loihde$166M$13M0.5x-6.6x-
CyCraft Technology$12M($892K)5.3x-(69.0x)-
Corero Network Security$25M$2M3.2x2.7x46.4x18.3x
Wins Technet$72M$18M0.2x-0.7x-
Advenica$21M$3M3.4x3.3x21.9x39.3x
Rank One Computing$17M($2M)4.3x3.6x(47.0x)-
CSP Inc.$59M($2M)1.0x-(22.9x)-
Quick Heal Technologies$27M($719K)2.3x-(88.4x)-

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Common questions about Bishop Fox

When was Bishop Fox founded?Bishop Fox was founded in 2005.
Where is Bishop Fox headquartered?Bishop Fox is headquartered in Tempe, AZ, United States.
Is Bishop Fox publicly listed?No, Bishop Fox is a private, VC-backed company.
What is Bishop Fox's valuation?Bishop Fox was last valued at $81M in its Series A in February 2019.
How much funding has Bishop Fox raised?Bishop Fox has raised $146M across 3 funding rounds.
What was Bishop Fox's last funding round?Bishop Fox's last funding round was a $46M Series B in November 2022, led by Westcap.
Who are Bishop Fox's investors?Bishop Fox's investors include Rockpool Capital, Forgepoint Capital, Westcap, NextEquity Partners and Carrick Capital Partners.
Which companies are comparable to Bishop Fox?Companies comparable to Bishop Fox include Loihde, CyCraft Technology, Virsec, Corero Network Security, Wins Technet and Veridium.

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