Paris-based YesWeHack, a global Bug Bounty and vulnerability management platform, has raised $28 million in Series C funding, according to a company announcement on Thursday.
The funding was led by private equity firm Wendel, with participation from new investors such as venture capital firms Adelie and Seventure Partners, as well as reinvestment from Bpifrance, Open CNP, and Eiffel Investment Group.
In addition to investing in Artificial Intelligence, the company plans to launch innovative solutions and expand internationally with the capital raised.
The company release stated that YesWeHack’s annual recurring revenue has increased six times and the number of ethical hackers registered on its platform has tripled since its last funding round in 2021.
YesWeHack is market leader for security testing solutions in Asia and Europe, for organisations of all sizes. The company’s Bug Bounty platform mobilises a community of tens of thousands of ethical hackers, including 30,000 in Asia, to test the security of its customers in an agile and cost-effective manner.
In Asia, the company is headquartered in Singapore, and works with over 25 of the largest companies, and another 100+ organisations in APAC, across both private and public sectors that include financial services, telecommunications, aviation, ecommerce, and government.
These include global enterprises such as Louis Vuitton, Decathlon and Tencent and public institutions in countries such as France, Spain, Canada and Singapore.
Additionally, the company has developed integrated pentest and attack surface management solutions that enable customers to monitor their online risks and vulnerabilities in a unified way.
The company also said it has added Renaud Deraison, co-founder of Tenable and senior advisor to Wendel Growth, to its board of directors.