Cybersecurity giant Snyk more than triples valuation as it edges closer to decacorn status

Cybersecurity giant Snyk has increased its valuation by nearly $4bn in a matter of months, following the close of a $530m Series F.

The RegTech company’s valuation is now $8.5bn, a significant rise from the $4.7bn it was valued at following a $300m funding round in March 2021.

This latest $530m investment was comprised of primary and secondary offerings, with over $300m in new capital.

Sands Captial and Tiger Global acted as the co-leads to the round, with commitments also coming from Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management.

Several existing Snyk backers, including Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek, also joined the round.

With the capital from the round, Snyk will further the development of its products, with new features to be announced later in the year. Funds will also be used to enhance its Developer Security Platform, build more workflow integrations and build new features.

To support its growth, the company has bolstered has named Dino DiMarino as its new chief revenue officer.

Snyk CEO Peter McKay said, “This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision.

“When security starts with the world’s expanding pool of developers – estimated to reach 45 million by 20301 – organisations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world’s software safer.”

The company previously raised $300m in its Series E round in March 2021. The capital has helped it expand into Asia Pacific and Japan.

Snyk has had a strong 2021 in terms of growth. It has increased its annual recurring revenue by 154% year-over-year. It has also increased its customer base to exceed 1,200 companies, hired 320 employees and released 40 new product features.

Snyk is a cybersecurity platform that helps businesses to integrate security into their existing workflows and counter sophisticated attacks.

Tiger Global Management partner John Curtius said, “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 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.”

With the close of the round, Snyk has raised a total of $775m in funding.

Copyright © 2021 FinTech Global

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