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23
Jan

Snyk joins the unicorn club after latest funding round

Digital security company Snyk has received a $150m investment which increases its valuation to over $1bn, cementing it into the unicorn club.

The round was led by growth equity firm Stripes and comes just months after Snyk closed a $70m investment. Snyk has now raised a total of $250m in equity from investors including Accel, Coatue, Tiger Global, Boldstart, GV, Canaan,Trend Forward, Amity and Salesforce Ventures.

Funds from the round are being used to accelerate product innovation, community growth and global expansion.

Snyk is supplying financial services, healthcare and retail companies with developer-first security to help them automate and secure their applications. Its platform finds and fixes vulnerabilities and license violations in open sources dependencies and container images.

During 2019, the cybsecurity company witnessed a four-times year-over-year growth and added Google, Salesforce, Intuit and New Relic to its client base.

Stripes founder Ken Fox said, “Investing in promising companies is always exciting, but it’s especially thrilling to be part of a company that is making history.

“Snyk’s unique product-led and mission-driven approach will turn the tide by empowering developers to be the first line of defense against growing cyber risk and helps businesses worldwide meet the digital needs of their customers. We look forward to partnering with the entire Snyk team to drive the next phase of the company’s success in 2020 and beyond.”

As part of the deal, Stripes founder Ken Fox will join the Snyk board of directors.

Copyright © 2020 FinTech Global

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