February 2024 Cyber Funding & M&A Brief
Published by Pinpoint Search Group — the cybersecurity executive search firm that tracks every disclosed vendor funding round and acquisition in the sector.
At a glance
Get the full February 2024 dataset — every named company, round, investor, and segment.
What February told us
February 2024 ran lighter than January on funding — 24 transactions and $278M in disclosed capital — with venture activity concentrated at the earliest stages. Sixteen of the 18 funding rounds cleared at Seed or Series A, and 5 of the month's transactions landed in vulnerability management (Bugcrowd's $102M growth round, Nucleus Security at Series B, Ionix at Series A, plus two smaller events).
Bugcrowd's $102M growth round, led by General Catalyst, was the lone large-check funding event and the only nine-figure disclosed round of the month. The Vulnerability segment's strength is worth lingering on: Bugcrowd in pen-testing, Nucleus Security at Series B in vulnerability orchestration, Ionix (formerly Cyberpion) at Series A in attack surface — three different layers of the same problem set funded inside 28 days.
M&A was thin (six deals, two disclosed), but Haveli Investments' $350M take-private of ZeroFox was the standout. ZeroFox went public via SPAC in 2022 at a $1.4B valuation; the private exit at $350M is a roughly 75% mark-down — a reminder that 2021–2022 SPAC valuations in cyber were not, in retrospect, durable price discovery.
Stage and segment breakdown
| Stage | Count |
|---|---|
| Seed | 9 |
| Series A | 7 |
| Series B | 1 |
| Growth Funding | 1 |
| Acquisition | 6 |
| Top segments | Transactions |
|---|---|
| Vulnerability | 5 |
| Identity | 3 |
| Data | 3 |
| Threat Intel | 2 |
| Fraud | 2 |
| Detection/Response | 1 |
Two deals worth your attention
Bugcrowd — $102M growth round led by General Catalyst. Bugcrowd's crowdsourced security testing platform raised growth equity to push into AI-assisted vulnerability triage and continuous pen-testing. The round was the single largest funding event of February and confirmed that managed-vulnerability-discovery vendors could still command growth-stage capital even in a month dominated by Seed activity.
Haveli Investments' $350M acquisition of ZeroFox. Haveli took ZeroFox private at $350M — a ~75% discount to the company's 2022 SPAC valuation. The deal is the cleanest February signal that the 2021-era cyber SPAC class was being repriced through private exits rather than sustaining as standalone public stories.
Companies we've covered before
Nucleus Security first appeared in March 2022 with a $20M Series B in Vulnerability. The February 2024 $43M Series B extension keeps the company in the same segment — an unusually clean two-round arc for a vulnerability-orchestration vendor in a category that's seen heavy M&A around it.
The other 22 transactions are in the data feed — including the 6 acquisitions whose values never hit the press. Get February's details and more →
Methodology
Every transaction in this brief was sourced from a primary public report and dedupe-checked against the master Pinpoint funding workbook, which now contains ~2,600 transactions back to May 2020. Funding totals reflect disclosed capital only; acquisition values are included where publicly available.
Each deal is classified against Pinpoint's normalized cybersecurity segment taxonomy — read directly off what the company says they protect and mapped to one of the canonical segments. The taxonomy has been maintained continuously since 2020 and currently covers roughly 55 segments. Identity, Data, Detection / Response, and Threat Intel have been tracked from the first month of the series; AppSec and GRC entered the following month; emergent categories (AI/LLM, Supply Chain, Quantum, Browser) are added when they first appear in vendor positioning. That normalization layer is what makes multi-year, cross-segment comparisons possible against an otherwise inconsistent vocabulary in the broader market.
About Pinpoint Search Group
Cybersecurity innovators work with Pinpoint Search Group to identify, attract, and land professionals that enable maturation, scale, and successful outcomes. As start-ups continue raising millions in funding and established vendors make acquisitions to round out their offerings, Pinpoint Search Group is keeping track.
Get the underlying data
The narrative above is the free version. The paid Pinpoint Cyber Funding Data feed gives you every named transaction, every disclosed investor, every segment classification — exportable, filterable, and updated as the deals close.