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Cybersecurity specialist Snyk taps Accel and Google’s venture arm for $70m funding round

Boston and London-based cybersecurity startup Snyk has just announced the closure of a $70m funding round.

The company specializes in developing security tools aimed at developers and the work they do. Today it has nurtured a community of 300,000 developers around the world. The money will be used to boost the company’s growth further.

The investors backing the raise include GV, the venture capital firm spun out of Google that has backed Currencycloud and Cmd in the past.

Accel, the VC firm, also supported the round. The investor has been a prolific supporter of RegTech startups over the past few years. In fact, when RegTech Analyst looked into which investors had invested the most into the European RegTech space since 2014, Accel was named as the number one investor. It supported nine rounds between 2014 and the first six months of 2019.

Boldstart Ventures, a New York-based VC firm, participated in Snyk’s round too.

Cybersecurity has become a huge issue for financial services providers. From hack attacks to malware spreading like wildfire across the web, setting up strong digital defences has become a must for businesses of any size. As a result, investment in the sector has boomed.

RegTech Analyst’s own research into the RegTech sector’s funding reveals that the proportion of cybersecurity investments grew between 2014 and 2018. In that period, the percentage of cybersecurity investment jumped from 14.4% to 20.9%. Between January and June this year, that number increased to 42.6%.

Copyright © 2019 FinTech Global


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