Boston-based Snyk raises $530 million in a Series F round

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data security | iTMunch

Developer security technology startup, Snyk announced that it has raised $530 million in a Series F funding round in order to accelerate the shift to developer security. The funding round was led by Tiger Global as well as Sands Capital. 

Existing investors also contributed to the late-stage startup’s funding which included Addition, Accel and Atlassian Ventures. Funds are managed by Boldstart Ventures, BackRock, Canaan Partners, Franklin Templeton, Coatue, Geodesic Capital, Temasek and Salesforce Ventures. 

It also included participation from some new investors like Koch Strategic Platforms, Baillie Gifford, Lone Pine Capital, Whale Rock Capital Management and T. Rowe Price.

More on Snyk raising capital

The Boston-based startup raised $300 million in new (primary) money as well as $230 million in secondary funding. The latter will help Snyk employees as well as early investors cash in part of their stock options. The $530 million was raised at a valuation of $8.5 billion, up from $4.7 billion since March when Snyk raised $300 million. To date, the startup has successfully raised $775 million.

Chief Executive Officer of Snyk, Peter McKay said that the newly raised funds, along with the rapid adoption of their platform and growing customer base, validates the company’s security vision. When security begins with the expanding pool of the world of developers, which is estimated to reach 45 million in 2030, companies will be able to reap the rewards of digital transformation, while making the software of the world safer.

Snyk has not made its revenue specifics public yet, though it says that its ARR has increased 158% year-on-year. And this has given the confidence to the investors to invest more heavily into the company.

Partner at Tiger Global Management, John Curtius says that the innovative approach of Snyk addresses a key need for business – allowing developers to move faster without making any compromises on security.

The CEO says that the extra money gives the company the flexibility to pursue some acquisitions if the right opportunity comes along. Snyk believes that a part of the money raised will be for “inorganic expansion”. Till now, Snyk has made 3 acquisitions and it believes that all 3 have been extremely successful for the company. 

SEE ALSO: Blockchain company XREX bags $17 million to accelerate cross-border trade

About Snyk – developer security startup

Founded in 2015 in the United States, Snyk believes in empowering the developers of the world to build secure apps and equip security teams so they can meet today’s digital world demands. The leader in developer security has a developer-first approach which ensures that companies can secure all critical components of their apps from code to cloud. This leads to more developer productivity, cost savings, customer satisfaction, revenue growth and improved security.

McKay says that Snyk commenced 2021 with a workforce of 400 people and they expect to double this number by the end of 2021. Today, the platform by Snyk is used and trusted by 1,200+ customers across the world, including industry pioneers like Google, Asurion, Salesforce, Intuit, New Relic, MongoDB and Revolut. The startup is recognized on the Forbes Cloud 100 2021 and the 2021 CNBC Disruptor 50. Also, it was named a “Visionary” in this year’s Gartner Magic Quadrant for AST.

SEE ALSO: Vonex Limited offers $31 million to buy MNF Group’s Direct Business

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Image Courtesy:  Image by Werner Moser from Pixabay

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since). Riddhi’s writing relationship with iTMunch began in May 2020. This is where she developed a knack for writing content for the technology domain. She's an expert in tech content writing who has written over 700 blogs for iTMunch in just a year. Riddhi loves diving deep into tech sub-domains like financial technology, marketing technology, HR technology, Artificial Intelligence and gaming technology. She loves staying updated with the latest and upcoming trends in digital marketing, digital payments, fintech, gaming, web design and app development. She cherishes writing about futuristic technologies like blockchain and cryptocurrency, NFTs, Internet of Things, Facial Recognition, Machine Learning, Edge Computing, etc. Riddhi also likes to keep an eye on what’s going on with the tech titans like Google, Facebook and Apple. One of her major interests is in staying updated with the latest IT startups and the groundbreaking technologies they’re coming up with. When Riddhi is not writing content, she is binging on documentaries on Netflix (check out ‘The Great Hack’, ‘Seaspiracy’, and ‘What the Health’). She also likes reading books once in a while (Yuval Noah Harari and Michelle Magorian are some of her favorite authors). Riddhi also likes listening to podcasts like The Tim Ferriss Show (do listen to the ones with guest Naval Ravikant) and The Joe Rogan Experience.