Snyk, a Boston-based developer security company, has raised $196.5 million in Series G funding. With this round, the company is now valued at $7.4 billion. The investment round was led by Qatar Investment Authority (that backed VerSe Innovation and Celonis) alongside participation from Evolution Equity Partners, G Squared, Irving Investors, boldstart ventures, Sands Capital and Tiger Global.
Growth and expansion plans
The funding provides more fuel for Snyk’s continued efficient growth in 2023. The investment will drive noteworthy product innovation, allowing the Snyk team to enhance and expand its industry leading Developer Security Platform via strategic acquisitions.
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%,” said Peter McKay, CEO, Snyk. “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.”
“As Snyk’s first investor, it’s been incredibly rewarding to see the developer security market mature over the last several years,” said Ed Sim, Founder and General Partner, boldstart ventures. “As global enterprises across all industries digitally transform, Snyk is the only solution that equips developer and security teams to find and fix vulnerabilities throughout the entire development process.”
“QIA is delighted to lead this round to drive the further growth of Snyk, the established leader in developer security,” said Mansoor Ebrahim Al-Mahmoud, CEO, QIA. “We’re confident that Snyk’s proven approach and offerings, efficient financial growth and seasoned executive team position the company for a successful future and is aligned with QIA’s track record of supporting innovative companies shaping the future of the global economy.”
Developer security company
Snyk was founded in 2015 by Israeli entrepreneurs Assaf Hefetz, Danny Grander and Guy Podjarny in London and Tel Aviv. Now it is headquartered in Boston, Massachusetts and made for developers to automatically detect and fix vulnerabilities associated with their open source code.
The Snyk platform is made for developers to automatically detect and fix vulnerabilities associated with their open source code. It serves over 1,200 companies, including Asurion, Google, Intuit, MongoDB, New Relic, Revolut, and Salesforce.
Snyk’s developer security platform was designed for collaboration between security and development teams. It automatically integrates with a developer’s workflow and ensures the security of critical application components. Snyk looks for vulnerabilities in user code, open source dependencies, container images, infrastructure as code (IaC) configurations. After locating issues, it gives context to the issues and offers prioritisation and remediation advice.
