Bug Bounty Switzerland secures 12 million Swiss francs
Lucerne - Bug Bounty Switzerland AG, a company active in the cybersecurity sector, has raised 12 million Swiss francs in a Series A funding round. The funding will be used to support international expansion and the development of its security testing platform. The founding team will retain a majority stake.
Bug Bounty Switzerland AG has raised 12 million francs to scale its intelligent security testing internationally. The funding round was led by Direttissima Growth Partners, with equal participation from Deutsche Beteiligungs AG (DBAG).
According to a statement, the investment is part of a capital increase, and the founding team continues to hold the majority of the shares. Philipp Bolliger, Partner at Direttissima, is joining the board of directors.
With the funds from this first major growth financing round, Bug Bounty reportedly plans to expand its international presence and further develop its artificial intelligence (AI)-powered security testing platform. «As AI reshapes cybersecurity, organizations need protection that’s continuous, intelligent and simple to adopt,» explains CEO and co-founder Sandro Nafzger.
Bug Bounty Switzerland was founded in 2020 and offers services in the fields of ethical hacking and intelligent security testing. The platform combines automated processes with a vetted global community of over 16,000 ethical hackers to identify security vulnerabilities. «The team has earned the right to redefine and lead this category,» says Philipp Bolliger.
