YesWeHack, Europe's leading Bug Bounty and Vulnerability Disclosure Policy (VDP) platform, today announced that it has raised €16 million in Series B funding. Banque des Territoires and Eiffel Investment Group are the two new backers, with Series A investors Normandie Participations and CNP Assurances, renewing their confidence in YesWeHack.
European expertise recognised worldwide
The platform, which connects ethical hackers with organisations to test and improve their security, has achieved a record growth of 450% since its first round of funding just two years ago. YesWeHack has expanded significantly in Europe and Asia-Pacific and now has a community of over 25,000 researchers and customers in more than 40 countries, with more than half of its revenue generated internationally.
YesWeHack has established itself as a global leader in the bug bounty market in less than five years, providing its clients with high-quality support and unique data sovereignty guarantees.
Series B goals
YesWeHack will use the new round of funding to meet three goals. Firstly, the platform will continue enabling all organisations, from start-ups to large enterprises and governments worldwide, to raise their cybersecurity strategy and address the challenges of digital transformation against a backdrop of exponential growth in threats.
"Covid-19 has considerably accelerated the modernisation of our clients' IT systems and increased their attack surface," says Guillaume Vassault-Houlière, CEO and co-founder of YesWeHack. "Security teams realise that traditional approaches are no longer sufficient. That's why at YesWeHack, we offer an agile and scalable solution that meets these challenges.”
Secondly, part of the investment will support the R&D effort to complement and deepen the value delivered to YesWeHack's customers, enabling them to realise the platform's full potential. In addition to developing additional features and services, the focus will remain on the quality of service and customised support, ensuring rapid adoption and maximum return on investment for customers.
Finally, this new round of funding will help YesWeHack increase its international presence and expand globally. The company will accelerate recruitment in France and internationally, with no less than 100 new positions created over the next 18 months.
Such global presence meets the growing market demand for the crowdsourced security model and establishes YesWeHack as the only credible alternative to US platforms.
"We are grateful for the confidence shown by our existing investors Normandie Participations and CNP Assurances as well as our new partners. Our decision to get backing from Banque des Territoires and Eiffel Investment Group is motivated by their strong European roots. With this new investment, we are contributing to the growth of the cybersecurity sector, and bug bounty provides a disruptive approach in times of high demand. We are also demonstrating that European solutions are on par with their counterparts," said Guillaume Vassault-Houlière, CEO and co-founder of YesWeHack.
“Banque des Territoires is firmly committed to cybersecurity as it has become a significant concern for local authorities and public players. We will continue to support French companies in this sector and help them excel at a global level. We are delighted to participate in YesWeHack's latest fundraising round and support their development," said Antoine Troesch, investment director of Banque des Territoires.