Bishop Fox Extends Series B Funding to $129M Led by WestCap
PHOENIX, AZ – November 15, 2022 – Bishop Fox, the leading authority in offensive security, today announced $46 million in growth funding from WestCap, with additional contributions from NextEquity Partners and Rockpool Capital. The funds build on the $75 million invested by Carrick Capital earlier this year, bringing the total funding for the round to $129 million. Bishop Fox has raised more than $154 million in lifetime funding, including a $25 million Series A investment from Forgepoint Capital. The company also welcomed WestCap Partner Kevin Marcus as a Board Observer.
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.”
Funding will be used 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.”
Perella Weinberg Partners LP served as the Series B financial advisor to Bishop Fox.
About WestCap Group
WestCap is a strategic investor and operator that partners with visionary leaders to build generational companies. WestCap's team is comprised of seasoned entrepreneurs and company builders who work side-by-side with founders to help companies scale. WestCap has made notable investments like Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, GoodLeap and NYDIG. The firm has offices in New York, San Francisco and London. For more information, visit www.WestCap.com.
About NextEquity Partners
Founded by former Apple and Elevation Partners executives, NextEquity Partners backs innovative enterprise software and consumer technology companies for their next phase of growth. The firm makes mid-stage venture investments in strategic, rapidly growing companies targeting large markets with leading products, compelling business models and strong management teams. NextEquity is led by Avie Tevanian (former Chief Software Technology Officer at Apple and Managing Director at Elevation Partners), Adam Hopkins (previously a Managing Director of Elevation Partners), Rami Reyes (previously a Principal at Elevation Partners), and Fred Anderson (former CFO of Apple and Managing Director of Elevation Partners). NextEquity draws upon its principals’ deep technology, operating, and private investment experience managing or investing in companies, such as Apple, Airbnb, Sonos, MarketShare, MasterClass, Venafi, Arctic Wolf, and SentinelOne. For more information, please visit www.nextequity.com.
About Rockpool Capital
Rockpool Capital is a multi-family office based in Hong Kong. Founded in 2017, Rockpool Capital manages and deploys capital across multiple asset classes, such as real estate and private equity. With a diverse management team with decades of international experience, the firm has a strong cross-border footprint which includes deal sourcing. It combines a unique depth of investment experience with tailored service, focused on maximising value and achieving targeted outcomes for its clients. For more information, visit https://rockpoolcap.com/en
About Bishop Fox
Bishop Fox is the leading authority in offensive security, providing solutions ranging from continuous penetration testing, red teaming, and attack surface management to product, cloud, and application security assessments. We’ve worked with more than 25% of the Fortune 100, half of the Fortune 10, eight of the top 10 global technology companies, and all of the top global media companies to improve their security. Our Cosmos platform, service innovation, and culture of excellence continue to gather accolades from industry award programs including Fast Company, Inc., SC Media, and others, and our offerings are consistently ranked as “world class” in customer experience surveys. We’ve been actively contributing to and supporting the security community for almost two decades and have published more than 16 open-source tools and 50 security advisories in the last five years. Learn more at bishopfox.com or follow us on Twitter.