Snyk reaches $4.7bn valuation after new $300m funding round

Cybersecurity company Snyk closed a $300m funding round taking its valuation to $4.7bn.

Led by Accel and Tiger Global, the round brings the total funding amount raised by Snyk to $470m.

The round saw other investors including Addition, BlackRock Inc., Boldstart Ventures, Canaan Partners, Coatue, GV, Salesforce Ventures and Stripes. The round also included new investors such as Atlassian Ventures and Franklin Templeton.

The firm aims to use the funds to scale up, recruit more talent worldwide and expanding geographically.

Snyk’s platform allows developers to integrate security in their existing workflows and help counter sophisticated attacks. It includes secure components, such as code and open source libraries to develop cloud-native applications. The company also offers real-time answers to coders’ security questions.

Given how almost 43% of data breaches are linked to flaws in applications, according to the company, it is key to incorporate security features in a firm’s software as it’s being developed.

Furthermore, the company also provides a marketplace for security coders to pitch their own tools on the Snyk platform.

So far, its services are being used by more than 22 million developers around the world.

Snyk’s was valued at more than $1bn after its $150m funding round in January 2020 following which it secured a $2.6bn valuation with a $200m investment last September.

Snyk chief executive officer Peter McKay has previously hinted that the Boston-based company’s goal is to go public over the next few years.

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