Bugcrowd Caps 2016 with Record Growth
Fourth consecutive year of growth proved enterprise market adoption of bug bounties, included key executive appointments and team expansion
SAN FRANCISCO, CA--(Marketwired - Dec 20, 2016) - Bugcrowd, the leader in crowdsourced security testing, today announced the company has achieved its fourth consecutive year of significant growth with nearly double the number of fully-managed programs and nearly triple the payouts to security researchers in their 45,000-strong crowd. In 2016, the company also expanded its executive team, released new innovations to its Crowdcontrol platform and more than doubled employee headcount.
"2016 has been the year that enterprise and mid-market organizations have truly adopted the bug bounty model," said Casey Ellis, CEO and co-founder of Bugcrowd. "From the launch of programs from organizations such as MasterCard, Fiat Chrysler of America, and Spotify to Bugcrowd's rapid growth, 2016 has proven that crowd-sourced security is a critical part of any serious security program."
In 2016, the company heavily invested in its Crowdcontrol™ platform to allow customers to very simply get the most from their program. Innovations include providing advanced insights into program data, deeper integration with enterprise authentication infrastructure, more granular program role definition and user control, as well as additional options for how researchers are paid their bounties.
Other 2016 highlights include:
A $15 million Series B round of funding led by Blackbird Ventures and including Rally Ventures, Costanoa Venture Capital, Paladin Capital Group and Salesforce Ventures;
The appointment of Nicholas Teleford as CFO, Ingrum Putz as vice president of engineering and Paul Ross and senior vice president of marketing;
A 287 percent increase in researcher payouts, with a 66 percent increase in size of average payout.
Companies like Pinterest, FitBit, Western Union, Fiat Chrysler of America, Indeed.com rely on Bugcrowd to manage their bug bounty programs. For more information on Bugcrowd's customer programs, visit: https://bugcrowd.com/customers. For a list of public programs, visit: https://bugcrowd.com/programs.
The pioneer and innovator in crowdsourced security testing for the enterprise, Bugcrowd harnesses the power of more than 45,000 security researchers to surface critical software vulnerabilities and level the playing field in cybersecurity. Bugcrowd also provides a range of responsible disclosure and managed service options that allow companies to commission a customized security testing program that fits their specific requirements. Bugcrowd's proprietary vulnerability disclosure platform is deployed by Tesla Motors, Fiat-Chrysler, The Western Union Company, Pinterest, Barracuda Networks and Jet.com. Based in San Francisco, Bugcrowd is backed by Blackbird Ventures, Costanoa Venture Capital, Industry Ventures, Paladin Capital Group, Rally Ventures and Salesforce Ventures. Bugcrowd is a trademark of Bugcrowd, Inc. Learn more at www.bugcrowd.com.