Thursday, November 17, 2011

Rapid7 reels in $50M in Series C round

By Rodney H. Brown

Boston security software company Rapid7 LLC has landed a whopper of a $50 million Series C round from West Coast firm Technology Crossover Ventures to expand overseas, hire “critical talent” for product development, and make unspecified strategic acquisitions.

In conjunction with the new funding, Tim McAdam, general partner at Palo Alto, Calif.-based TCV, will join Rapid7’s board of directors, according to a release from the company. For its international expansion, Rapid7 will use the funding to continue building its presence in the EMEA and Asia-Pacific markets, which it began last quarter by opening offices in London and in Hong Kong.

In March 2010, Rapid7 raised $2 million of a planned $4 million Series B venture round, led by Bain Capital Ventures, which funded the company’s $7 million Series A round in late 2008. The new massive Series C round pushes the funding in Rapid7 to approximately $60 million since it was founded in 2000.

Rapid7 in October of 2009 acquired Metasploit, which is developing an open-source attack testing platform, for an undisclosed amount. Metasploit maintains the Metasploit Project, a database of public, tested IT exploits.