Bishop Fox Raises $25 Million from Forgepoint Capital

PHOENIX, Feb. 26, 2019 -- Bishop Fox, the largest private professional services firm focused on offensive security testing, announced today that it closed $25 million in Series A funding from Forgepoint Capital. The funding will allow Bishop Fox to grow its research capabilities and develop next generation offensive security technologies. In addition, Bishop Fox plans on hiring leading security researchers and testers and expanding the technical abilities of its team of elite security experts.

"We are committed to advancing the state of offensive security in the industry so we can protect our clients from current and future threats," said Vincent Liu, co-founder and CEO of Bishop Fox. "We're grateful to our clients for their continued confidence in our ability to deliver excellent technical results and superior service. As we grow and push the boundaries of the industry, we will continue to invest in our incredible team of talented consultants and practice support personnel to ensure that our promise to clients never falters."

As part of Bishop Fox's expanded research efforts, co-founder Francis Brown will move into the role of Chief Research Officer to lead the company's innovative research. Brown, who has presented at Black Hat for the past eight years, is well-known for his drone hacking, RFID hacking, and Google Hacking Diggity research.

Bishop Fox conducts penetration tests and security assessments to help leading companies secure their products, applications, networks, and cloud. By focusing on offensive security, Bishop Fox has grown into the largest privately held and independent penetration testing company in the market today. Since its founding in 2005, the firm has provided cybersecurity consulting services to over 25% of the Fortune 100.

"The breadth and sophistication of Bishop Fox's clients blew us away. These companies come to Bishop Fox because they want to stay far ahead of the bad guys, not because they are checking a box," said Will Lin, principal at Forgepoint Capital. "The founders have worked tirelessly, under the radar, to build a business with substance. We are excited to be investing in the offensive security testing leader and to be a part of the company's next level of growth."

The penetration testing market is currently about $900 million and is expected to reach over $4 billion by 2025, with an expected compound annual growth rate of 23.87% between 2019 and 2025.

"I have been investing in cybersecurity companies for the last three decades. Bishop Fox has the opportunity to change the game in offensive security," added Donald R. Dixon, managing director of Forgepoint Capital.

About Forgepoint Capital

Forgepoint Capital is a $300 million fund that invests exclusively in cybersecurity companies. The firm brings deep industry expertise and a strong network of relationships. Forgepoint's 52-person Cybersecurity Advisory Council includes industry CEOs, security entrepreneurs, senior information security executives, and former government security leaders. Portfolio companies include 4iQ, Appthority (acquired by Symantec), Attivo, Bayshore Networks, BehavioSec, CyberCube, ID Experts, IronNet Cybersecurity, LoginRadius, Prevoty (acq. by Imperva), ReversingLabs, Trusted Key, and Uptycs. Forgepoint's principals have been investing in cybersecurity since 1998 and have made a total of 39 cybersecurity investments.