CrowdCurity, which is backed by Boost.vc, a bitcoin-focused startup accelerator, has received $1 million in seed funding. Tim Draper and Kima Ventures led the round. Also, FireEye CIO Julie Cullivan has been named advisor to the company. Based in San Francisco, CrowdCurity is a crowdsourced web security firm.
SAN FRANCISCO, July 25, 2014 — CrowdCurity, backed by Bitcoinfocused startup accelerator Boost.vc, announced today that it has raised a seed round of $1 million to expand its crowdsourced security marketplace of responsible disclosure and bug bounty programs. Investors leading the round include Tim Draper and Kima Ventures. Strategic investors include Gerhard Eschelbeck, CTO and SVP of Sophos, Dr. Fengmin Gong, Cofounder and Chief Architect of Cyphort and Mountain Viewbased incubator 500Startups. Julie Cullivan, CIO of FireEye, will act as an advisor to the team.
“Bug bounty programs are the future of web application security,” says Gerhard Eschelbeck, CTO and SVP of Sophos. The CrowdCurity platform mirrors the realworld threat of malicious attacks, and makes it easy for any business to create a bug bounty program with the option to reward security researchers in bitcoin. CrowdCurity’s marketplace is the first to enable any business to directly connect with verified security researchers who undergo a strict vetting process with KYC (Know Your Customer) protocols. Additionally, CrowdCurity integrates with developer tools like GitHub to simplify vulnerability patching for its customers.
“We are tired of security being something for enterprises and consultants in grey suits. It’s time to put some Web 2.0 into security, and show the people on the other end,” says Jacob Hansen, CEO of CrowdCurity. With this funding, CrowdCurity will continue its mission to democratize web security by making it affordable and accessible to businesses of any size. To date, CrowdCurity has a community of over 1,200 security researchers and has run 90 bug bounty programs, with especially rapid adoption by Bitcoin businesses.
“CrowdCurity is redefining and democratizing security,” says Tim Draper, who recently won the US Marshals auction for 30,000 bitcoins to provide liquidity in emerging markets with Vaurum, a CrowdCurity client. “They fundamentally change the way online businesses and Bitcoin companies stay secure.”
CrowdCurity was founded to help businesses leverage the power of the security community to improve web application security. Launched in 2013 by Danish Boost.vc alums Esben FriisJensen, Christian Hansen, Jacob Hansen and Jakob Storm, the platform allows businesses to create and host bug bounty programs that incentivize security researchers to responsibly disclose security vulnerabilities. CrowdCurity is based in San Francisco, where its founders are active members of the Bitcoin community.
Boost.vc (www.boostvc.com) is an incubator that invests in seed and earlystage technology companies with a strong emphasis on Bitcoin startups. In addition to capital, the incubator provides handson coaching, mentorship, support, and resources to help drive growth and success. Boost.vc was founded in 2012 by Adam Draper and is anchored by Lightspeed, Rothenberg Ventures, and the Bitcoin Opportunity Fund. By backing the next generation of entrepreneurs, Boost.VC aims to help founders build businesses that bring their ideas to life.