Cybersecurity startup Intigriti, a European leading bug bounty and vulnerability disclosure platform, has raised €21.1 million in a Series B round. This financing round in Intigriti was led by Octopus Ventures, which recently invested in Delio and Touchlab among others. Also, the round involves participation from Germany-based fund EnBW New Ventures alongside existing investors and Intigriti’s largest shareholder, ETF Partners.
With this round, the company has closed the largest funding for a crowdsourced security platform in Europe to date. As it acheived 650% growth since its initial funding round in 2020, Intigriti has established itself as the fastest-growing crowdsourced security platform globally.
How will Intigriti use the funds?
Intigriti will deploy the proceeds of this round to further accelerate its rapid detection, reporting, and validation of vulnerabilities. Also, it will use the funds to grow its headcount to over 200 employees worldwide, spread across the company’s offices in the UK, Europe, and Singapore.
With 66% of Intigriti’s talent pool considering switching to bug bounty hunting as a full-time career, the company is investing in tools and features to strengthen its position as the platform of choice for ethical hackers.
Inti De Ceukelaire, Head of Hackers at Intigriti said “Our researcher’s automation flows have allowed Intigriti customers to detect vulnerabilities before any commercial scanner could. With this investment, we will continue to optimise the process to keep validation time at a minimum while upholding our 95% accuracy standard.”
Stijn Jans, CEO at Intigriti explained: “We anticipate crowdsourced security to be a default career option for talented cybersecurity graduates by 2026, surpassing consultancy in popularity. While the remote working culture introduced new security risks, it also provided companies with the opportunity to work with international talent that was previously out of reach.”
Paul Davidson, Investor at Octopus Ventures commented: “Cybersecurity companies can create a certain level of automation, but human intelligence still ranks ahead when it comes to identifying security threats. Intigriti has developed a differentiated platform proposition that enables the brightest minds in security to detect the broadest and most critical set of risks. We believe this team can drive this fast-growing category forward with their modern and data-compliant approach.”
Remy de Tonnac, Partner, ETF partners commented: “Intigriti’s commitment to a more sustainable and secure world is incredibly inspiring and we’re proud to support the business on the next phase of this tremendous journey. As the team has demonstrated over the years, ethical hackers are the future. This large and talented pool of cyber experts is perfectly positioned to address the needs of a sustainable economy by future-proofing critical sectors such as smart cities, IoT systems, smart grids, autonomous vehicles, and the sharing economy.”
Holger Wagner, Investment Director at EnBW New Ventures, added: “Critical infrastructures are subject to change in the context of digitalisation. Here in particular, we still see a lot of potential in the area of security solutions and their utilisation. Technology won’t be the only answer, it is a combination with the intelligence of the crowd.”
Global cybersecurity platform
Founded in 2016 by Stijn Jans in Brussels, Belgium, Intigriti offers a global cybersecurity platform, which connects organisations with ethical hackers to continuously test and improve their security through bug bounty programs and other crowdsourced techniques.
The platform’s dominance is driven by its focus on the quality of services and high compliance standards, along with the ambition to inspire sustainability and innovation. Some of the biggest corporate organisations are transitioning their bug bounty to the EU-based platform. On average, companies receive 53 reports within one week of launching on the platform and 71% receive a high to critical report within 48 hours.
Intigriti is releasing its ‘hybrid pentest’ offering, which will enable companies to work with selected researchers in individual engagements within an agreed timeframe but following a result-based rate, like bug bounty programs.