Bug bounty and vulnerability disclosure platform HackerOne announced a funding round this week that boosts its capital up to $110 million. The oversubscribed Series D round, which totaled $36.4 million, saw contributions from Benchmark, New Enterprise Associates, Dragoneer Investment Group, EQT Ventures, and others.
HackerOne will use today’s round to expand global market reach, scale its offerings, and continue to strengthen its hacker community.
The California-based company offers a platform that recruits security researchers and white hat hackers to identify security weaknesses for its more than 1,500 clients, including Twitter, Airbnb, Uber, Yelp, and the U.S. Department of Defense. Government bug bounty programs, in fact, have increased more than 2x in the last 12 months alone, during which time customers have resolved more than 30,500 security vulnerabilities.
Since it was founded in 2012, the hackers on HackerOne’s platform have found over 120,000 vulnerabilities and have been awarded over $51 million in bug bounties. With the average bounty paid for critical vulnerabilities now totaling almost $3,400, some hackers are able to make a career out of discovering bugs on HackerOne’s platform. And while it’s not explicitly in the business of making millionaires, the company has helped six hackers earn more than $1 million each by finding vulnerabilities.
David Obrand, partner at Valor Equity Partners, will join HackerOne’s Board of Directors. “HackerOne is leading a new wave of cybersecurity companies tackling the unique challenges brought on by rapid growth and more sophisticated attack surfaces,” said Obrand. “Hacker-powered security is here to stay and with its tremendous customer and hacker community, HackerOne is dominating the market. I am thrilled to be joining the Board of Directors and being a part of the next stage of growth and innovation.”
HackerOne has offices in London, New York, Singapore, and the Netherlands. In 2017, the company earned the Favorite FinDEVr Debut award for its presentation at FinDEVr New York and won the Crowd Favorite award at its FinDEVr London presentation. Mårten Mickos is CEO.