HackerOne, today announced $40 million funding in Series C investment round. With more cash on the balance sheet, HackerOne plans to focus on widening the bug bounty platform.

Created by security leaders from Facebook, Microsoft, and Google, HackerOne is a bug bounty platform having over 100,000 hackers on its books.

HackerOne CEO announced the investment on a blog post, “As CEO of HackerOne, I am thrilled to confirm that, we have strengthened our balance sheet with a $40 million series C investment round led by Dragoneer Investment Group.”

With the investment, the Dragoneer Investment Group has added HackerOne into its star-studded portfolio that includes India e-commerce giant Flipkart, Airbnb, Glassdoor and much more.

The fresh investment brings HackerOne’s funding up to $74 million.

Since HackerOne’s launch in 2012, it has been able to raise a total of $34 million from eight investors in two funding rounds. The company was able to bag $25 million in Series B funding round led by New Enterprise Associates.

As e-commerce and App based business is evolving more and more these bug bounty programs are becoming a must. Increasingly software-powered organization are opening up for bug bounty programs to know bugs in their web servers and applications.

Gone year Internet giant Google alone spent $3 million on bug bounty programs. The year saw the average cost of a breach in the US rising to roughly $7 million.