Snyk hits new milestone with $530m investment round
Snyk has closed its $530 million Series F investment round, to reach a valuation of $8.5 billion.
The transaction included both primary and secondary offerings with more than $300 million of new capital. The company has now raised a total of $775 million to date, more than tripling its valuation since the beginning of 2021.
The round was co-led by Sands Capital and Tiger Global, with participation from new investors Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management.
It also included existing investors Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek.
According to the company, the investment will help to accelerate the industry’s shift to developer security as organisations rapidly modernise their applications with security built into the entire software development life cycle.
More specifically, the financing will continue to fuel Snyk's product innovation and development, set to be revealed at the company's free annual developer conference, SnykCon 2021.
The company plans to introduce new enhancements to its Developer Security Platform, new workflow integrations, improved functionality and new features at that time.
In addition, to help Snyk continue to execute on these growth plans, Snyk has bolstered its leadership team with the addition of chief revenue officer, Dino DiMarino, who will join the company early next month.
DiMarino is one of several new experienced leaders recently added to the Snyk team, following the hiring of 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.
These leaders also join several new board members added in 2021, including Tamar Yehoshua (chief product officer, Slack) and Michael Scarpelli (chief financial officer, Snowflake).
Snyk has already achieved certain milestones in 2021 following the company's Series E financing and expansion into Asia Pacific Japan earlier this year.
Thus far, Snyk has: increased annual recurring revenue (ARR) by 154% year-over-year; grown its customer base to more than 1,200 companies; hired and onboarded 320 employees with projections to end the year with 800+ employees worldwide; delivered more than 40+ new product features; and, acquired FossID to expand license compliance and C/C++ capabilities.
Overall, Snyk is focused on creating a 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.
Snyk founder and president Guy Podjarny says, “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.
"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.”
Snyk CEO Peter McKay says, “This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision.
"When security starts with the world's expanding pool of developers - estimated to reach 45 million by 2030 - organisations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world's software safer.”