Success in Securing Enterprise Organizations Against Cyberattacks Attracts Series E Funding and Cements HackerOne As Category Leader
SAN FRANCISCO, 27 January 2022 - HackerOne, the world’s most trusted hacker-powered security platform, today announced it has raised $49 million dollars in a Series E funding round that hails its position as the category leader. The funding, led by investment firm GP Bullhound, brings total investment to date to nearly $160 million. It follows an eventful year in cybersecurity, culminating in the Log4j vulnerability in December 2021. In the first month of the zero day dropping, 612 hackers submitted 2,175 potential vulnerabilities to HackerOne customers. Customers across the board also saw a 97% increase in reports for misconfigurations in 2021, underscoring how digital transformation and cloud migrations have increased organizations’ risk
There is a growing appetite in traditionally conservative organizations to use ethical hacking solutions to defend these digital attack surfaces. Leading organizations in financial services and government - including the US, UK and Singapore Defense agencies – continue to experience significant growth with a 62% and 89% increase in program adoption respectively. HackerOne has seen a rapid uptick in adoption of HackerOne Assessments: Application Pentest for AWS, launched in August, to address issues in applications deployed on AWS. The company also expanded its Internet Bug Bounty initiative to support vulnerability management in the open source software supply chain, garnering key participants: Elastic, Facebook, Figma, Shopify, and TikTok. HackerOne received recognition for its innovative role in helping organizations improve their cybersecurity programs, being named as a ‘brand that matters’ by Fast Company.
“With Log4j, ransomware, and nation-state attacks, governmental institutions have never been so exposed,” says Marten Mickos, CEO of HackerOne. “As attack surfaces grow, so does the gap between what digital assets organizations own and what they can protect. HackerOne is closing that gap and keeping its customers out of harm’s way in a way that no other mechanism can accomplish. In the past 12 months, we have identified over 17,000 high or critical vulnerabilities for our customers that could otherwise have been gaping holes for adversaries to enter through. To fuel our accelerating growth, we welcome GP Bullhound as our newest investor with their experience in supporting the most significant names in the global technology world.”
Per Roman, Managing Partner at GP Bullhound, said: “HackerOne is revolutionizing the way in which companies reduce their risk of a breach. By leveraging the world’s biggest community of ethical hackers, who have the power and willingness to prevent cyberattacks, and coupling it with their proprietary software, HackerOne is bringing a service to customers that no other vendor can match. GP Bullhound’s investment in this pioneering category leader is our contribution to securing the online world.”
The company plans to use the funding to invest in research and development and expand go-to-market activities. Existing investors, including Benchmark, NEA, Dragoneer Investment Group and Valor Equity Partners, also participated in the round.
HackerOne empowers the world to build a safer internet. As the world’s most trusted hacker-powered security platform, HackerOne gives organizations access to the largest community of hackers on the planet. Armed with the most robust database of vulnerability trends and industry benchmarks, the hacker community mitigates cyber risk by searching, finding, and safely reporting real-world security weaknesses for organizations across all industries and attack surfaces. Customers include The U.S. Department of Defense, Dropbox, General Motors, GitHub, Goldman Sachs, Google, Hyatt, Microsoft, Singapore’s Ministry of Defense, Nintendo, PayPal, Slack, Starbucks, Twitter, and Yahoo. HackerOne was ranked fifth on the Fast Company World’s Most Innovative Companies list for 2020.
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 10 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com