Silicon Valley Bank (SVB), a division of First Citizens Bank, provided a $50 million growth capital facility to Bugcrowd, a provider of crowdsourced cybersecurity solutions. Provided by SVB’s enterprise software group, the new financing is designed to further scale Bugcrowd’s AI-powered platform globally, fund continued innovation into the Bugcrowd Platform and leverage opportunities for strategic M&A, providing added value to clients, partners and the hacker community.
“We’re excited to have the continued support of Silicon Valley Bank with this $50 million growth capital to accelerate innovation and scale our AI-powered platform,” Dave Gerry, CEO of Bugcrowd, said. “Our mission is to help organizations regain control of cyber risks by harnessing the collective ingenuity of the hacker community to outsmart adversaries. This capital provides the resources needed to strengthen our position as the leader of the crowdsourced security market.”
“With its innovative platform, Bugcrowd helps companies quickly and cost effectively discover critical vulnerabilities and proactively avoid being blindsided by cyberattacks,” John Benetti, managing director with SVB’s enterprise software group, said. “SVB is excited to continue our long-standing relationship with Bugcrowd, expanding our initial credit facility, and providing creative financial solutions to help them grow and scale their business.”
