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- Bugcrowd
Bugcrowd Revenue, Valuation, Funding & Investors
Bugcrowd is valued at $1B as of February 2024, a 10.0x multiple on its last reported $100M revenue.
Last Bugcrowd valuation
$1B
Series E · Feb 2024
Last Bugcrowd funding round
$102M
Series E · Feb 2024
Bugcrowd revenue
$100M
Series E · Feb 2024
Key investors in Bugcrowd
Rally Ventures
Salesforce Ventures
Costanoa Ventures
Paladin Capital Group
Blackbird Ventures
Industry Ventures
About Bugcrowd
Bugcrowd is a San Francisco-headquartered crowdsourced cybersecurity platform that matches organizations with ethical hackers to identify vulnerabilities via AI-driven matchmaking. Established in 2012, it maintains the largest database of validated vulnerabilities and hacker profiles, supporting continuous testing programs for clients like Atlassian, Indeed, and Mastercard. Bugcrowd operates globally with penetration testing, bug bounties, and attack surface management across web, mobile, and API assets.
Founded
2012
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription, Commission
Revenue
$100M (Feb 2024)
Valuation
$1B (Feb 2024)
Bugcrowd Valuation
Bugcrowd is currently valued at $1B, based on its Series E in February 2024.
The $102M round was led by General Catalyst, with participation from Salesforce Ventures, Costanoa Ventures and Rally Ventures.
Bugcrowd's valuation has grown 8.7x from $115M at its Series C in March 2018 to $1B in February 2024, across 2 priced rounds.
Bugcrowd valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2024 | Series E | $1B | 10.0x |
| Mar 2018 | Series C | $115M | - |
Bugcrowd Revenue
Bugcrowd's latest recorded revenue is $100M, as of its Series E in February 2024. At a $1B valuation, that implies a 10.0x revenue multiple.
Bugcrowd revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2024 | $100M | $1B | 10.0x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Bugcrowd Funding History
Bugcrowd has raised a total of $181M across 6 funding rounds.
Bugcrowd's first fundraising round was a $2M seed round in September 2013. The most recent completed round was a $102M Series E in February 2024.
Bugcrowd funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2024 | Series E | General Catalyst (lead); Salesforce Ventures; Costanoa Ventures; Rally Ventures | $102M | $1B | Bugcrowd is a San Francisco-based cybersecurity company offering an AI-powered crowdsourced security platform that enables organizations to run bug bounty programs, vulnerability disclosure programs, penetration testing as a service (PTaaS), and attack surface management by tapping into a global community of over 500,000 hackers. The platform serves clients including OpenAI, T-Mobile, Rapyd, ExpressVPN, and U.S. government entities, helping them identify and remediate vulnerabilities across web, API, mobile, IoT, and network applications. On February 12, 2024, Bugcrowd raised $102 million in a Series E equity round led by General Catalyst, with participation from existing investors Rally Ventures and Costanoa Ventures, bringing total funding to over $180 million (later reported as $184 million). Funds are allocated to expand operations in EMEA, APAC, and the U.S., enhance platform innovation including CrowdMatch technology, and pursue strategic M&A, such as the later acquisition of Informer for attack surface management. The company reported strong traction with over 200 new clients in the past year, 40% year-over-year business growth, and nearly 100% growth in PTaaS, alongside team expansion by 130 members. In November 2024, Bugcrowd secured $50 million in growth capital from Silicon Valley Bank (debt facility) following the equity round. Competitor HackerOne was valued at $829 million in 2022. |
| Apr 2020 | Series D | Rally Ventures (lead); Salesforce Ventures | $30M | - | Bugcrowd is a San Francisco-based crowdsourced cybersecurity platform that operates bug bounty and vulnerability disclosure programs, connecting companies with security researchers to identify vulnerabilities in their systems. Clients include major enterprises like Mastercard, Square, HP, Pinterest, Twilio, SAP, and Fitbit. The company manages public, private, and on-demand bug bounties, finding seven times more critical vulnerabilities than traditional testing methods, and has expanded into penetration testing services. On April 9, 2020, Bugcrowd announced a $30 million Series D funding round led by Rally Ventures, with participation from new and existing investors including Salesforce Ventures, bringing total funding raised to over $80 million. Previous rounds included a $26 million Series C in March 2018 led by Triangle Peak Partners (total funding then $50 million), a $15 million Series B in April 2016 led by Blackbird Ventures (total $24 million), and earlier investments from backers like Costanoa Ventures, Paladin Capital Group, Industry Ventures, Stanford University, Hostplus, and First State Super. The new capital aims to accelerate platform expansion, particularly in Europe and Asia, and support customer and researcher community growth amid rising demand for crowdsourced security. The company reported record fiscal 2019 growth, including 100% bookings growth in the North American enterprise market and a 100% increase in critical vulnerabilities submitted to customers. Its penetration testing offering, launched less than two years prior, grew 400% year-over-year. Bugcrowd emphasized its platform's efficiency over traditional cybersecurity approaches, providing cost-effective, continuous testing with no false positives to address evolving cyber threats and remote work challenges. |
| Mar 2018 | Series C | Triangle Peak Partners (lead); Salesforce Ventures; Industry Ventures; Aware Super; Blackbird Ventures; Hostplus; Paladin Capital Group; Costanoa Ventures; Rally Ventures | $26M | $115M | Bugcrowd is a crowdsourced security platform founded in 2012 that enables enterprises to run bug bounty programs, leveraging a global community of security researchers to identify vulnerabilities. The platform automates the management of vulnerability submissions and claims to help companies discover up to eight times as many critical vulnerabilities as traditional security assessments by engaging a far larger researcher pool than internal hiring would allow. In March 2018, Bugcrowd closed a Series C funding round of $26 million led by Triangle Peak Partners, with participation from returning backers including Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures, and others. Post-money valuation for the round was $115 million. The company's portfolio of enterprise customers included Fortune 500 companies such as Tesla, Atlassian, Fitbit, Square, and Mastercard. Bugcrowd used the funding to expand its platform capabilities, with a particular focus on integrating machine learning to analyze bug bounty data and improve vulnerability detection. By August 2018, the company had grown to over 125 full-time employees globally, expanded operations across Europe and the Asia-Pacific region, and achieved record growth in the first half of 2018, serving organizations across more than 50 industry sectors in over 30 countries. |
| Apr 2016 | Series B | Blackbird Ventures (lead); Salesforce Ventures; Industry Ventures; Tekton Ventures; Paladin Capital Group; Costanoa Ventures; Rally Ventures | $15M | - | Bugcrowd, a crowdsourced security testing platform founded in 2012, completed a $15 million Series B funding round on April 20, 2016, led by Blackbird Ventures with participation from Rally Ventures, Costanoa Ventures, Paladin Capital Group, Industry Ventures, and Salesforce Ventures. The round brought total funding to $24 million. The company operates Crowdcontrol, a SaaS platform connecting enterprises with over 27,000 vetted security researchers to identify and resolve vulnerabilities, serving clients including Fitbit, Motorola, Tesla, TripAdvisor, and Western Union. Proceeds from the round supported acceleration of customer and researcher growth, new partnerships, and engineering and R&D investments. Bugcrowd reported over 200% year-over-year bookings growth and 10 consecutive quarters of revenue growth at the time. |
| Mar 2015 | Series A | Costanoa Ventures (lead); Blackbird Ventures; Paladin Capital Group; Rally Ventures | $6M | - | Bugcrowd raised a $6M Series A round in March 2015 led by Costanoa Ventures, with participation from Blackbird Ventures, Paladin Capital Group, and Rally Ventures. The company operates a crowdsourced security testing platform connecting enterprises with security researchers for vulnerability disclosure and bug bounty programs. Bugcrowd reported record growth in 2015, with its crowd of security researchers surpassing 20,000 and a 226% increase in subscriptions over 2014. |
| Sep 2013 | Seed | Rally Ventures (lead); David Beyer; Partech; Alan Jones; Square Peg Capital; Startmate; Paladin Capital Group | $2M | - | - |
Who has invested in Bugcrowd?
16 investors have backed Bugcrowd across its funding rounds, including Rally Ventures, Salesforce Ventures, Costanoa Ventures, Paladin Capital Group, Blackbird Ventures and Industry Ventures.
Lead investors include General Catalyst, Rally Ventures, Triangle Peak Partners, Blackbird Ventures and Costanoa Ventures.
Bugcrowd Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Sep 2013 | ||
| 4 | Participant | Apr 2016 | ||
| 4 | Participant | Sep 2013 | ||
| 4 | Lead | Mar 2015 | ||
| 3 | Lead | Mar 2015 | ||
| 2 | Participant | Apr 2016 | ||
| 1 | Lead | Feb 2024 | ||
| 1 | Participant | Sep 2013 | ||
| 1 | Participant | Mar 2018 | ||
| 1 | Lead | Mar 2018 | ||
| 1 | Participant | Sep 2013 | ||
| 1 | Participant | Apr 2016 | ||
| 1 | Participant | Sep 2013 | ||
This data is available for Pro users. Sign up to see all 16 Bugcrowd investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Bugcrowd
Bugcrowd has acquired 2 companies to date.
Last acquisition by Bugcrowd was on November 4th 2025. Bugcrowd acquired Mayhem for undisclosed valuation.
Latest Acquisitions by Bugcrowd
| Description | Mayhem is an automated platform for software security testing that employs fuzzing techniques to uncover vulnerabilities, memory errors, and defects in applications, APIs, binaries, and firmware. Developed by ForAllSecure and headquartered in Menlo Park, California, it gained prominence by winning the DARPA Cyber Grand Challenge in 2016. Mayhem integrates into developer workflows and CI/CD pipelines, enabling continuous testing for enterprises and government organizations seeking to mitigate zero-day threats and ensure robust code quality across complex software environments. | Informer is a cybersecurity firm offering an attack surface management platform that combines continuous asset discovery, vulnerability scanning, and penetration testing. Based in Tel Aviv, Israel, the service provides real-time visibility into external exposures for organizations, prioritizing remediation based on exploitability and business impact. |
| HQ Country | ||
| HQ City | Pittsburgh, PA | Melbourne |
| Deal Date | 4 Nov 2025 | 23 May 2024 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Bugcrowd acquisitions and their M&A valuation multiples. Start Free Trial | ||
Bugcrowd Competitors
Bugcrowd competitors include listed companies like NSFOCUS and Rapid7, and private ones like Aikido Security, Aqua Security, BigID and BlueVoyant.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $13M | - | $1B | 76.9x | ||
| Private | - | - | $1B | - | ||
| Private | $100M | - | $1B | 10.0x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $379M | $37M | $955M | 2.4x | ||
| Publicly listed | $860M | $63M | $836M | 1.3x |
Bugcrowd Public Comps
Bugcrowd is still privately-owned, but its public comps include NSFOCUS, BeiJing Certificate, Yubico, Rapid7, Riskified, Asiainfo Security, Mitek Systems, Eastcompeace Tech, Red Violet and CANCOM.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $379M | $37M | 2.6x | 2.4x | 26.1x | 25.6x | |||
| $125M | ($12M) | 6.7x | - | (70.9x) | - | |||
| $226M | $19M | 3.3x | 3.2x | 39.7x | 25.6x | |||
| $860M | $63M | 1.3x | 1.3x | 17.4x | 6.8x | |||
| $345M | ($31M) | 1.8x | 1.6x | (20.3x) | 19.0x | |||
| $1.2B | ($11M) | 1.2x | 1.1x | (126.2x) | 339.7x | |||
| $180M | $37M | 4.1x | 3.7x | 19.9x | 11.2x | |||
| $197M | $26M | 4.8x | - | 36.4x | - | |||
This data is available for Pro users. Sign up to see all Bugcrowd competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Bugcrowd
| When was Bugcrowd founded? | Bugcrowd was founded in 2012. |
| Where is Bugcrowd headquartered? | Bugcrowd is headquartered in San Francisco, CA, United States. |
| Is Bugcrowd publicly listed? | No, Bugcrowd is a private, VC-backed company. |
| What is Bugcrowd's valuation? | Bugcrowd was last valued at $1B in its Series E in February 2024. |
| How much funding has Bugcrowd raised? | Bugcrowd has raised $181M across 6 funding rounds. |
| What was Bugcrowd's last funding round? | Bugcrowd's last funding round was a $102M Series E in February 2024, led by General Catalyst. |
| Who are Bugcrowd's investors? | Bugcrowd's investors include Rally Ventures, Salesforce Ventures, Paladin Capital Group, Costanoa Ventures, Blackbird Ventures, Industry Ventures, General Catalyst, David Beyer, Aware Super, Triangle Peak Partners and 6 others. |
| What is Bugcrowd's revenue? | Bugcrowd's latest recorded revenue is $100M (February 2024). |
| What is Bugcrowd's revenue multiple? | Bugcrowd's latest valuation implies a 10.0x revenue multiple ($1B valuation on $100M of revenue). |
| Which companies are comparable to Bugcrowd? | Companies comparable to Bugcrowd include Aikido Security, Aqua Security, BigID, BlueVoyant, NSFOCUS and Rapid7. |
| How many companies has Bugcrowd acquired? | Bugcrowd has acquired 2 companies, including Mayhem and Informer. |
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