Snyk, cloud-native application security leader based in the UK, just closed $300 million (nearly £215 million) Series E funding round. This includes both primary and secondary offerings and resulted in $175 million (nearly £125 million) of new capital as well. With this, the valuation of the company is now at $4.7 billion.
How Snyk will use the fund?
This investment round was co-led by Accel and Tiger Global along with participation from existing investors including Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formally Google Ventures), Salesforce Ventures, Stripes and funds managed by BlackRock; new investors include Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital, Sands Capital Ventures and Temasek.
Snyk will use the investment to serve the fast-growing global demand for the company’s Cloud Native Application Security Platform. It is the only developer-first solution providing security visibility and remediation for every critical component of modern applications such as the application code, open-source libraries, container infrastructure and infrastructure as code.
“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, 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.”
Besides this, Snyk appointed Chief Marketing and Customer Experience Officer Jeff Yoshimura, CIO Erica Geil, Vice President, Asia Pacific Japan (APJ) Sales, Shaun McLagan, and two new Board Members — Michael Scarpelli, Chief Financial Officer, Snowflake and Ping Li, Partner, Accel.
“We first met the Snyk team at the start of their journey, as early investors,” said Ping Li, Partner, Accel. “Throughout our partnership, we’ve witnessed first-hand Snyk’s unshakeable dedication to developer and security teams and their original vision become a reality. We’re looking forward to supporting the successes of Snyk in 2021 and beyond.”
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Invests in developer tooling ecosystem
Founded in 2015 by Guy Podjarny, Assaf Hefetz and Danny Grander, Snyk’s vision is to empower developers to build security early into the development process rather than waiting for a separate security team after the development. The digital transformation with the cloud has injected more urgency to adopt this move. The Snyk Cloud Native Application Security Platform enables modern developers to build securely. To be successful, developers require real-time answers, automated remediation and the integration of security within their workflows. On the other hand, security teams need more collaboration with developers to enable security and governance at scale.
Snyk has long invested in advancing other developer-first companies to embed security into its diverse developer tooling ecosystem.
The Snyk Intel Vulnerability Database powers innovative, developer-centric technology companies including Atlassian, Datadog, Docker, Dynatrace, Google, Red Hat, Salesforce and Twilio. The members of this ecosystem can directly participate in this latest financing round.
“We believe Snyk’s developer-first approach to security is a fantastic tool for developers and organisations today,” said Chris Hecht, Head of Corporate Development, Atlassian. “Snyk has already showcased some amazing integrations with our tools, and we’re now thrilled to extend our partnership with them through an Atlassian Ventures investment.”
“Salesforce Ventures was an early investor in Snyk and we’re excited to grow our partnership even further, particularly as Snyk is deployed across various development teams at Salesforce,” said Alex Kayyal, Partner, Salesforce Ventures International. “As transformation accelerates in this digital-first world, Snyk’s vision to enable companies to embrace security earlier in the development cycle continues to resonate deeply.”