Cybersecurity tech startup Bishop Fox closes $129B Series B funding to fortify its offensive security muscle
Bishop Fox, a Phoenix-based startup and an emerging offensive security player, has closed its Series B round totaling $129 million led by WestCap. The Series B extension consists of $46 million from lead investor WestCap with additional participation from NextEquity and Rockpool Capital.
The latest fund builds on the July announcement of $75 million from Carrick Capital and brings total investment in the company to $154 million. The round is the company’s second round of funding since its inception 17 years ago. Bishop Fox will use the new capital infusion to strengthen its visibility and continuous testing capabilities across all of its service offerings.
In conjunction with the funding, Bishop Fox also announced that WestCap Partner Kevin Marcus has joined the company as a Board Observer.
Founded in 2005 by Vincent Liu and Francis Brown, Bishop Fox offers solutions ranging from continuous penetration testing, red teaming, and attack surface management to product, cloud, and application security assessments.
Despite an uncertain economic climate, Bishop Fox fielded interest from multiple investors as a result of its proven, long-term success and impressive momentum over the past twenty-four months. For nearly two decades, the company has maintained a reputation as the offensive security partner of choice, with customers including more than 25% of the Fortune 100, eight of the top 10 tech companies, and all of the top global media companies. Maintaining an overall Net Promoter Score (NPS) above 80 for multiple years, Bishop Fox achieved a world-class score of 90 for the year-to-date through the third quarter of 2022 for its consulting services.
“Bishop Fox has an 18-year track record of identifying the most sophisticated attack vulnerabilities on behalf of some of the world’s most renowned brands,” said Kevin Marcus, Partner at WestCap. “Their ability to continuously monitor attack surfaces is especially timely given today’s backdrop of increasing frequency of attacks and costly data breaches.”
Bishop Fox said it will also use to accelerate the expansion of the company’s award-winning Cosmos platform, fuel go-to-market activities in North America, Europe, and Latin America, and build additional internal training programs designed to develop a new generation of cyber talent. Born out of nearly two decades of offensive security engagements, Cosmos represents the state-of-the-art in attack surface protection and offensive security-as-a-service.
The platform is a force multiplier for a team of security experts who, apart from the federal government, represent the largest and most experienced group of offensive security professionals in the world. This combination enables Bishop Fox to provide the most comprehensive, continuous protection in the industry and offers customers dramatic reductions in cost, time, and resources without sacrificing security.
“We’ve been very selective, deliberate, and measured in our approach to external investment, and our business strength affords us that ability,” said Vinnie Liu, Bishop Fox CEO. “We’ve also been equally selective in the partners we’ve chosen and the value they can provide in expertise and resources. We’re very excited to have WestCap on board and look forward to maximizing our partnership.”