Valor Equity Partners Leads Oversubscribed Series D with Participation from Benchmark, New Enterprise Associates, Dragoneer Investment Group, EQT Ventures, and Others
HackerOne today announced US$36.4 Million in Series D financing, bringing the company’s total funding amount to over US$110 Million to-date. This new round of funding occurs against the backdrop of international acknowledgment for the power of hackers. Legislators and thought leaders in cybersecurity are making the point that actionable insights from hackers are useful for everyone.
The financing round includes participation from existing investors, including Benchmark, New Enterprise Associates, Dragoneer Investment Group and EQT Ventures. Effective immediately, David Obrand, Partner at Valor Equity Partners, will join HackerOne’s Board of Directors. The company will use the new funds to expand global market reach, scale enterprise and data-powered offerings, and continue to strengthen the world’s largest and most diverse hacker community.
As the leading hacker-powered security platform, HackerOne finds more critical vulnerabilities and rewards hackers with more bounties than all alternative platforms combined. With more than 1,500 customers trusting HackerOne to find critical security weaknesses and reduce their risk of cyber incidents, any modern organisation that develops and deploys software will see immediate benefits from engaging hackers for the good of their systems.
Customers of HackerOne include Alibaba, Airbnb, the U.S. Department of Defense, Dropbox, Coinbase, European Commission, U.S. General Services Administration, Google Play, Goldman Sachs, Hyatt, Intel, GitHub, General Motors, Ministry of Defence Singapore, Starbucks, Shopify, Spotify, Slack, Sumo Logic, Lending Club, Lufthansa, MediaMarktSaturn, New Relic, Nintendo, Panasonic Avionics, PayPal, Qualcomm, Starbucks, the CERT Coordination Center, Toyota, Twitter, and Verizon Media.
Recent momentum in the HackerOne community includes:
* Six hackers have surpassed US$1 million in lifetime earnings.
* Hackers living in 19 countries earned more than US$100,000 in total last year.
* The average bounty paid for critical vulnerabilities increased to US$3,384 — a 48% increase over the prior year’s average and evidence that skilled and dedicated hackers have the potential to build a career and make a competitive living with the opportunities offered by hacker-powered security.
“HackerOne is leading a new wave of cybersecurity companies tackling the unique challenges brought on by rapid growth and more sophisticated attack surfaces,” said David Obrand, Partner at Valor Equity Partners. “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.”
The fundraise comes on the heels of remarkable growth for HackerOne with government programs increasing 214% and customers resolving more than 30,541 security vulnerabilities in the last 12 months alone. As a result, HackerOne customers have seen the impact:
* When a new bug bounty program is launched on HackerOne, in 77% of the cases, hackers report the first valid vulnerability within 24 hours.
* 25% of valid vulnerabilities found are classified as being of high or critical severity.
* Every five minutes, a hacker reports a vulnerability through a bug bounty or vulnerability disclosure program.
* Every 60 seconds, a hacker connects with an organisation on HackerOne. That’s more than 1,000 interactions per day between hackers and companies or governments working towards a safer internet. That is how fast security can improve when hackers are invited to contribute.
Obrand joins existing HackerOne board members Hilarie Koplow-McAdams, venture partner at NEA and former Chief Revenue Officer of New Relic; Bill Gurley, general partner at Benchmark Capital; Jon Sakoda, founder partner at Decibel; Kathryn Haun, general partner at Andreessen Horowitz and former U.S. Department of Justice federal prosecutor; and John Hering, founder of Lookout Security.