London-based Snyk is the world’s first developer security platform that helps developers build secure applications and security teams to meet the demands of the digital world. In a recent development, the company secured a whopping $530 million (nearly £380 million) in a Series F funding round.
Triples valuation in 2021
The investment round was co-led by Sands Capital and Tiger Global along with participation from new investors Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management as well as existing investors Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek.
With this investment, the overall investment raised by the company is now $775 million and it reaches a valuation of $8.5 billion. Notably, Snyk has tripled its valuation since the beginning of 2021 with this round.
“This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision,” said Peter McKay, CEO, Snyk. “When security starts with the world’s expanding pool of developers – estimated to reach 45 million by 2030 – organizations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world’s software safer.”
“Snyk’s innovative developer-first approach addresses a critical need for businesses – enabling their developers to move fast without compromising security,” said Michael Clarke, Managing Partner, Sands Capital. “We are thrilled to be a part of this next chapter in Snyk’s impressive journey and excited to see the company lead this growing market with new, innovative products.”
The fresh funds will continue to fuel Snyk’s product innovation and development, set to be revealed at the company’s free annual developer conference, SnykCon 2021, next month. The company plans to introduce new enhancements to its Developer Security Platform, new workflow integrations, improved functionality, and new features at that time.
A futureproof solution
Snyk creates a seamless developer experience for security that embeds application and security intelligence in a SaaS platform with products that directly address both the needs of legacy as well as modern technology stacks, including open source, containers and infrastructure as code.
“Simply shifting left is no longer enough, and security now needs to be fully owned by developers so that they are equipped to address security issues in real-time as they emerge,” said Guy Podjarny, Founder & President, Snyk. “Our approach makes security easy so that modern developers are set up for true success, securing what they build without having to become a security expert or slow down.”
Already Snyk’s developer security platform is already used by millions of developers and more than 1,200 customers worldwide, including Asurion, Google, Intuit, MongoDB, New Relic, Revolut and Salesforce. Its customers collectively have run more than 300 million tests in the last 12 months and fixed more than 30 million vulnerabilities in the last 90 days.
Expands leadership team
Besides the investment, Snyk continues to work towards its ambitious growth plans. It has bolstered its leadership team by hiring a Chief Revenue Officer, Dino DiMarino, who will join the company early next month. Being a cybersecurity industry veteran, DiMarino will focus on continued global expansion, advance the build-out of priority go-to-market initiatives and further strengthen the company’s capabilities in the financial services and federal government verticals.
Also, Snyk hired Chief People Officer Adriana Bokel Herde earlier this month as well as Chief Marketing and Customer Experience Officer, Jeff Yoshimura, CIO Erica Geil and Vice President, Asia Pacific Japan (APJ) Sales, Shaun McLagan earlier this year. They will join several new Board Members added in 2021, including Tamar Yehoshua (Chief Product Officer, Slack) and Michael Scarpelli (Chief Financial Officer, Snowflake).