Paris-based cybersecurity firm YesWeHack has secured €26 million in a Series C funding round led by Wendel, with plans to enhance growth, expand internationally, and develop AI-powered solutions. The company, known for its Bug Bounty platform and network of ethical hackers, intends to strengthen its position in the cybersecurity domain and increase its presence in more than 40 countries.
YesWeHack Secures €26 Million to Boost Growth and Global Reach
Paris-based cybersecurity firm YesWeHack has announced a significant financial milestone, closing a €26 million Series C funding round. The funds are intended to propel the company’s growth and facilitate its expansion into international markets.
YesWeHack is a notable player in the bug bounty and vulnerability management domain. Through its platform, it engages a vast network of ethical hackers to identify and address security vulnerabilities for its clientele. The funding round was led by Wendel, with new investments from Adelie and Seventure Partners, alongside existing supporters such as Bpifrance, Open CNP, and Eiffel Investment Group. An important addition to its board is Renaud Deraison, Co-Founder of Tenable, who now brings his expertise as a Senior Advisor to Wendel Growth.
In the context of global cyber threats becoming increasingly sophisticated, YesWeHack plans to channel the new funds into developing innovative solutions powered by Artificial Intelligence. The company also intends to fortify its international footprint, expanding its reach beyond its current operations in 40 countries.
Founded in 2015, YesWeHack provides security testing services to a diverse array of clients. The company boasts over 500 customers across multiple sectors, including telecommunications, retail, and public institutions. Its roster includes high-profile names such as Louis Vuitton, Decathlon, Tencent, Orange, Ooredoo, and Telenor. Noteworthy is its significant market penetration, with 70% of “CAC 40” companies, France’s primary stock market index, utilising its services.
The company’s Bug Bounty platform is distinguished by its community of tens of thousands of ethical hackers, who engage in identifying security vulnerabilities in a cost-effective and agile manner. This approach aims to reduce the ‘attack surface’ of its clients, improving their overall cybersecurity posture.
Since its previous funding round in 2021, YesWeHack has seen substantial growth. It reported a six-fold increase in annual recurring revenue and tripled the number of registered ethical hackers on its platform. Additionally, it has expanded its service offerings to include integrated pentest and attack surface management solutions, which provide a comprehensive approach to monitoring and mitigating cyber risks.
CEO and Co-Founder Guillaume Vassault-Houlière expressed enthusiasm about the funding round, viewing it as a testament to the company’s vision and achievements. “This funding round is a vote of confidence in our commitment to excellence and our ambitious vision,” he said. “Thanks to this investment, YesWeHack will deliver even higher levels of customer satisfaction and continue developing innovative solutions in one of the most dynamic segments of cybersecurity.”
Antoine Izsak, Head of Growth Equity at Wendel, echoed this sentiment, highlighting the growing recognition of bug bounty programs among firms highly susceptible to cyber threats. He commended YesWeHack for its quality of service, compliance with regulations, and relevant technological advancements.
Renaud Deraison, new board member and Co-Founder of Tenable, emphasized the calibre of YesWeHack’s community of ethical hackers. “YesWeHack’s community of experts is one of the most qualified in the world to continuously test the security of its customers’ digital infrastructure,” he noted.
YesWeHack’s service portfolio includes Bug Bounty programs, Vulnerability Disclosure Policies, Pentest Management, and Attack Surface Management, offering clients a diversified and integrated approach to cybersecurity.
The collaboration with existing and new investors positions YesWeHack for further growth and innovation, aiming to meet the increasing demands for robust cybersecurity solutions in a digital-first world.
