Bugcrowd, a San Francisco-based hacking platform, has secured $102 million in funding, led by General Catalyst, to help businesses identify software code bugs through bug bounty programs.

The platform for hiring hackers, Bugcrowd, secured $102 million in new funding, with General Catalyst leading the charge. The San Francisco-based company helps businesses of all kinds identify bugs in software code by enabling them to employ independent hackers and developers for "bug bounty" programs. Over the course of the previous year, Bugcrowd has grown its whole business by more than 40%, employed more than 100 new employees, and is almost at the 1,000-client milestone. The company intends to take advantage of opportunities for strategic M&A and use the additional funds to accelerate growth globally, especially in the United States. Rally Ventures and Costanoa Ventures, two previous investors, also took part in the latest round. According to Crunchbase, the company was founded in 2012 and has raised over $180 million.

The most recent significant funding round for a cyber-startup is Bugcrowd's. The endpoint management, security, and monitoring company NinjaOne, situated in Austin, Texas, raised a $231.5 million Series C led by Iconiq Growth this week at a valuation of $1.9 billion.

The amount of venture capital funding allocated to cybersecurity fell to its lowest level since 2018. According to Crunchbase data, security businesses raised $8.2 billion in 692 venture capital deals in 2023, as opposed to $16.3 billion in 941 deals in 2022.