Cloud native application security company Snyk has secured a $530 million Series F funding round. The transaction included both primary and secondary offerings with more than $300 million of new capital. Snyk has raised a total of $775 million to date with a valuation of $8.5 billion post this round, more than tripling since the beginning of 2021.
Snyk’s Developer Security Platform would automatically integrate with a developer’s workflow. It is purpose-built for security teams to cooperate with their development teams.
Over 1200 companies, including Asurion, Google, Intuit, MongoDB, Revolut, and Salesforce, are already utilizing Snyk’s developer security platform. More than 300 million tests have been conducted by Snyk clients and users in the previous 12 months, resulting in the patching of over 30 million vulnerabilities in the last 90 days.
“This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision,” said Peter McKay, Chief Executive Officer (CEO) at Snyk. “When security starts with the world’s expanding pool of developers – estimated to reach 45 million by 2030 – organizations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world’s software safer.”
Fighting Cybercrime
The latest funding round was co-led by Sands Capital and Tiger Global, with participation from new investors Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management as well as existing investors Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek.
A number of major milestones have already been reached by Snyk in 2021 as a result of the company’s Series E funding and expansion into Asia Pacific Japan this year. To achieve turbo scale, the firm would build upon a solid basis.
Notably, in 2021 thus far, Snyk has achieved the following:
- Relative to the previous year, ARR increased by 154 percent
- The company’s client base has grown to more than 1,200 organizations, ranging from established corporate leaders to hypergrowth technology companies
- Employees are expected to reach 800 by the end of the year after hiring 320 people and onboarding them
- Delivered more than 40 new product features
- Acquisition of license compliance and C/C++ skills firm, FossID
“Snyk’s innovative developer-first approach addresses a critical need for businesses – enabling their developers to move fast without compromising security,” said Michael Clarke, Managing Partner, Sands Capital. “We are thrilled to be a part of this next chapter in Snyk’s impressive journey and excited to see the company lead this growing market with new, innovative products.”
“Since the company’s founding in 2015, we’ve seen Snyk evolve from a developer security pioneer to the de facto leader in this important and growing space,” said John Curtius, Partner, Tiger Global Management. “We admire what the Snyk team has accomplished to date, but are even more excited about what’s next as they continue their relentless pursuit to enable each one of the world’s developers to build securely.”
