Bugcrowd, a provider of crowdsourced cybersecurity solutions raises USD 102 million in new funding Series E round. This development underscores the rapid expansion and increasing mainstream acceptance of leveraging ethical hackers to identify vulnerabilities.
General Catalyst led the latest funding round, Reuters reported. This substantial injection of growth capital positions the company to accelerate its global expansion, further enhance its AI-powered platform, and pursue strategic acquisitions.
The crowdsourced security market is forecasted to grow from USD 90 million in 2019 to over USDs135 million by 2024, reflecting a growing trend among organizations to leverage external talent to bolster their internal security capabilities. Bugcrowd has capitalised on this opportunity, welcoming over 200 new customers in the past year alone.