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Snyk raised $530M in a Series F round, which valued the company at $8.5B. The company would use the proceeds to fuel its product innovation and development and introduce enhancements to its developer security platform, workflow integrations and improved functionality alongside new features.
Snyk, a cloud-native application security provider, closed a $530 million Series F investment co-led by Sands Capital and Tiger Global at $8.5 billion valuation to accelerate the industry’s shift to developer security as organizations are modernizing their applications, a press release from the company said.
The Series E funding for Snyk came in March this year where it netted $175 million. With the close of this round, the total funding raised by the company touches $775 million. The Series F round witnessed participation from both new and existing investors – Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management, Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek.
Snyk, founded in 2015, aims to empower the world’s developers to build secure applications and equip security teams to meet the demands of the digital world. Peter McKay, CEO of Snyk, stated that the new investment coupled with the rapid adoption of Snyk’s growing platform and customer base, validated its security vision and added,
“When security starts with the world’s expanding pool of developers – estimated to reach 45 million by 20301 – organizations of all sizes will be able to truly reap the rewards of digital transformation while also making the world’s software safer.”
Snyk stated that it would use the proceeds from the funding to fuel its product innovation and development, and introduce enhancements to its developer security platform, workflow integrations and improved functionality alongside new features. The company revealed that it had increased its Annual Recurring Revenue (ARR) by 154 percent (year-over-year) and grown its customer base to over 1,200 companies.
Michael Clarke, managing partner at Sands Capital, lauded Snyk’s developer-first approach that addresses critical needs of businesses, enabling developers to move fast without compromising security. John Curtius, partner at Tiger Global, admired Snyk’s accomplishments to date and added,
“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. We are excited about what’s next as they continue their relentless pursuit to enable each one of the world’s developers to build securely.”