Silicon Valley Bank Provides $50 Million Capital Facility to Bugcrowd

<p><strong>SAN FRANCISCO<&sol;strong><strong> <&sol;strong><strong>–<&sol;strong> <a href&equals;"https&colon;&sol;&sol;www&period;svb&period;com&sol;&quest;utm&lowbar;source&equals;google&amp&semi;utm&lowbar;source&equals;google&amp&semi;utm&lowbar;medium&equals;cpc&amp&semi;utm&lowbar;medium&equals;cpc&amp&semi;utm&lowbar;campaign&equals;us-2020-01-lg-br-na-na-na-na&amp&semi;utm&lowbar;campaign&equals;us-2020-01-lg-br-na-na-na-na&amp&semi;utm&lowbar;content&equals;core-terms&lowbar;brand&amp&semi;utm&lowbar;content&equals;core-terms&lowbar;brand&amp&semi;gclid&equals;EAIaIQobChMIy57jo8fs-gIVjQatBh2BBguhEAAYASAAEgJzLfD&lowbar;BwE">Silicon Valley Bank<&sol;a><u> &lpar;SVB&rpar;<&sol;u>&comma; a division of First Citizens Bank&comma; has provided a &dollar;50 million growth capital facility to <a class&equals;"external" href&equals;"https&colon;&sol;&sol;www&period;bugcrowd&period;com&sol;">Bugcrowd<&sol;a>&comma; a leading provider of crowdsourced cybersecurity solutions&period; Bugcrowd brings the collective ingenuity of organizations and hackers to mitigate vulnerabilities across all applications&comma; systems&comma; and infrastructure&period;<&sol;p>&NewLine;<p>Provided by<u> <&sol;u><a href&equals;"https&colon;&sol;&sol;www&period;svb&period;com&sol;industry-solutions&sol;enterprise-software&sol;">SVB’s Enterprise Software Group<&sol;a>&comma; the new financing will further scale Bugcrowd’s AI-powered platform globally&comma; fund continued innovation into the Bugcrowd Platform&comma; and leverage opportunities for strategic M&amp&semi;A&comma; providing added value to clients&comma; partners&comma; and the hacker community&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We’re excited to have the continued support of Silicon Valley Bank with this &dollar;50M growth capital to accelerate innovation and scale our AI-powered platform&comma;&&num;8221&semi; said Dave Gerry&comma; CEO of Bugcrowd&period; &&num;8220&semi;Our mission is to help organizations regain control of cyber risks by harnessing the collective ingenuity of the hacker community to outsmart adversaries&period; This capital provides the resources needed to strengthen our position as the leader of the crowdsourced security market&period;”<&sol;p>&NewLine;<p>For over a decade&comma; Bugcrowd’s unique &OpenCurlyDoubleQuote;skills-as-a-service” approach has uncovered more high-impact vulnerabilities than traditional methods for more than 1&comma;200 customers – including OpenAI&comma; Google&comma; T-Mobile&comma; Carvana&comma; the US  Department of Defense’s Chief Digital and Artificial Intelligence Office &lpar;CDAO&rpar;&comma; ExpressVPN&comma; Rapyd&comma; New Relic&comma; and OpenSea&period; With greater flexibility and access to a decade of vulnerability intelligence&comma; the Bugcrowd Platform has evolved to address a changing attack surface influenced by adoption of mobile infrastructure&comma; hybrid work&comma; APIs&comma; crypto&comma; cloud workloads&comma; and AI&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;With its innovative platform&comma; Bugcrowd helps companies quickly and cost effectively discover critical vulnerabilities and proactively avoid being blindsided by cyberattacks&comma;” said John Benetti&comma; Managing Director with SVB’s Enterprise Software Group&period; &OpenCurlyDoubleQuote;SVB is excited to continue our long-standing relationship with Bugcrowd&comma; expanding our initial credit facility&comma; and providing creative financial solutions to help them grow and scale their business&period;”<&sol;p>&NewLine;