Developer Security Firm Snyk Raises $300 Million at $4.7 Billion Valuation
Boston-based developer security firm Snyk on Wednesday announced that it has raised $300 million in a Series E funding round that values the company at $4.7 billion.
The funding round includes primary and secondary offerings — $175 million represents new capital for the business. The money will be used to meet the growing global demand for its cloud native application security platform, the company said.
The latest funding round was co-led by Tiger Global and Accel, with participation from Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formerly Google Ventures), Salesforce Ventures, Stripes, Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital, Sands Capital Ventures and Temasek.
Snyk became a cybersecurity unicorn in January 2020, when it announced raising $150 million in Series C financing. Later, in September, it announced raising another $200 million in a Series D funding round.
The total amount Snyk has raised to date from its venture capital and investment partners is $470 million. The company told SecurityWeek that previously announced amounts included both primary and secondary investment, but in the latest round it decided to be more clear about new investment into the business. In the Series D round, for instance, $155 million represented secondary investment.
Snyk provides solutions that help organizations find and fix security issues in open source software, container images, Kubernetes applications, and infrastructure. It claims that its solutions have been used by more than 2.2 million developers.
The company on Wednesday also announced expanding its executive team and naming two new members to its board of directors.
“Our relentless focus on the experience of the 2.2 million developers building applications of all kinds securely with Snyk has resulted in our success to date, and we believe there is an exponential, generational opportunity still in front of us,” said Peter McKay, CEO of Snyk. “This latest investment allows us to accelerate our growth at every level – doubling down on our successful product led growth strategy, adding to our customer roster, recruiting talent to our team worldwide and expanding geographically.”