Venture Capital: Israeli Cloud Security Startup Snyk Scores $300M Funding; Quadruples Valuation

March 10, 2021 | Latest News, News, Venture Capital
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Snyk, a cloud-native application security company, is now valued at $4.7 billion, post-money.

Israeli startup Snyk, which specializes in cloud-native application security, said today it had closed a Series E financing round for $300 million of which $175 million flowed into the company’s coffers. The rest constituted a secondary offering. Of note is the fact that Snyk has quadrupled its valuation in a year, such was the impact of the pandemic and the resulting demand for security from digital transformation. (Globes)

Top-notch investors

The round was co-led by Accel and Tiger Global. Existing investors Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formerly Google Ventures), Salesforce Ventures, Stripes, and funds managed by BlackRock also participated. New investors who joined included Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital, Sands Capital Ventures, and Temasek.

Developer focused offering

The recent spurt towards digital transformation along with a transition to the cloud. As a result, security has become a priority at the development stage.

Snyk was founded in 2015, and from day 1 had the mission to empower developers to build security into the development process early rather than waiting to hand it over to a separate security team when development is done.

“The Snyk Cloud-Native Application Security Platform enables modern developers to build securely without sacrificing the speed their business requires in order to successfully compete,” Snyk said in a statement. “As a result, Snyk has been at the forefront of the transformation of the developer’s traditional role as they have taken on greater authority and autonomy for security and the function has rapidly shifted left.”

Use of funds

Snyk will use the latest funding to meet the burgeoning demand for its Cloud-Native Application Security Platform, expanding its customer base and geographical reach and recruiting additional talent.

“Our relentless focus on the experience of the 2.2 million developers building applications of all kinds securely with Snyk has resulted in our success to date, and we believe there is an exponential, generational opportunity still in front of us,” said Peter McKay, CEO, Snyk.

Related Story:  A Big Fundraise, And An Acquisition, In Cybersecurity

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