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Bugcrowd, a leader in crowdsourced cybersecurity solutions, announced $102 million in new funding today, highlighting the rapid growth and mainstream adoption of leveraging ethical hackers to find vulnerabilities. 

Led by General Catalyst, the latest funding values the company at over $1 billion according to sources close to the deal. This major injection of growth capital will allow Bugcrowd to accelerate expansion globally, continue innovating its AI-powered platform, and pursue strategic acquisitions.

“Customers continue to flock to Bugcrowd because they are disenchanted with the legacy vendors in the crowdsourced security space. Slow triage times, fluctuating and confusing pricing models, limited crowd engagement and limited support options for clients have forced them to demand alternatives,” said Dave Gerry, Bugcrowd’s CEO, in an exclusive interview with VentureBeat. 

The crowdsourced security market is projected to grow from $90 million in 2019 to more than $135 million by 2024 according to industry forecasts, as organizations seek to tap into external talent to augment their internal security capabilities. Bugcrowd is seizing on this opportunity, adding over 200 new customers in the past year.