Bugcrowd, a 12-year-old crowdsourced cybersecurity startup, has raised $102 million in Series E funding that will help it boost staff to expand internationally and finance potential acquisitions, according to its chief executive.

General Catalyst led the funding round, with participation from existing investors Rally Ventures and Costanoa Ventures. The company, which was founded in Australia in 2012 but is now headquartered in both San Francisco and Sydney, declined to disclose its valuation.

Chief Executive Dave Gerry said Bugcrowd’s revenue jumped more than 40% in 2023 due to the launch of a channel program which added 40 partners to its distribution network and new security services offerings. He declined to share revenue details but said the company has yet to achieve $100 million in annual revenue.

The fresh capital will help it add 100 workers to its current employee base of 350. It is keen to expand outside the United States which accounts for about 70% of its revenue. Bugcrowd is also looking at acquisition targets in the security service market.

The company serves about 1,000 customers globally and its clients include OpenAI and T-Mobile.