CyberTech unicorn Snyk has slightly dropped to $7.4bn valuation following the close of its Series G funding round on $196.5m.
The company’s previous funding round was a $75m Series F in 2021. It had raised the capital at an $8.6bn valuation.
QIA (Qatar Investment Authority) served as the lead investor to the Series G, with existing investors boldstart ventures, Sands Capital and Tiger Global, also deploying funds. The Series G also welcomed first-time Snyk investors, Evolution Equity Partners, G Squared and Irving Investors.
Snyk has earmarked the capital to drive ‘noteworthy’ product innovation, with the team looking to enhance and expand its offering. It will grow both organically and inorganically via strategic acquisition, it said.
The CyberTech unicorn has experienced a strong 2022. One of these milestones includes exceeding 2,300 customers, including AB InBev, Comcast, Dun & Bradstreet, Manulife and Salesforce. In the past year, Snyk customers fixed more than 5.1 million vulnerabilities, it added.
Other notable milestones include 70% of current customers now leveraging multiple elements of Snyk’s Developer Security Platform, launch of its SnykLaunch event and aiding user remediation of over 11.5 million security issues in 2022
Speaking on the fundraise, Snyk CEO Peter McKay said, “In 2022, I’m proud that Snyk achieved a 100% year-over-year increase in revenue as well as net revenue retention of over 130%.
“In this challenging macroeconomic environment, it is more critical than ever for global enterprises to increase their developer productivity and be able to continue their pace of innovation securely. In 2023, we look forward to leveraging this latest investment to continue enhancing our platform and help more global enterprises reap the benefits of DevSecOps.”
Earlier in the year, Snyk joined the Pledge 1%, which is a global movement to inspire, educate and empower companies to better leverage their financial assets for positive social impact.
Copyright © 2022 FinTech Global
